CBDT made return filing mandatory when Turnover/TDS/TCS/Deposit exceeds certain limit
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- By Chetan Kulasri
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- Last Updated on 4 May, 2022
Latest from Taxmann
Notification No. 37/2022, dated 21-04-2022
The CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in the following situations:
1. If total sales, turnover, or gross receipt of the business exceeds Rs. 60 lakh during the previous year; or
2. If total gross receipt of profession exceeds Rs. 10 lakh during the previous year; or
3. If the total of tax deducted and collected in case of a person during the previous year exceeds Rs. 25,000. The threshold limit shall be Rs. 50,000 in case of a resident individual of the age of 60 years or more; or
4. If the aggregate deposit in one or more savings bank account of the person is Rs. 50 or more during the previous year.
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