Recently, CBDT has came up with announcement that in case of following assessee/taxpayers, they will have to compulsory file their Income tax return if any of these conditions are met:-
(i.e. compulsory file income tax return irrespective of taxable income):-
(i) If total sales, turnover or gross receipts in business > 60 lakh rupees during F.Y. 2021-22;
(ii) If total gross receipts in profession > 10 lakh rupees during F.Y. 2021-22;
(iii) If the total of tax deducted at source (TDS) and tax collected at source (TCS) during F.Y. 2021-22, is >= 25,000 rupees; or in case of senior citizen >= 50,000 rupees;
(iv) If the deposit in one or more savings bank account of the person, in total, is >= 50 lakh rupees during F.Y. 2021-22
Non-Filing of ITR shall attract interest u/s 234A & penalty u/s 234F of Income Tax Act, 1961
Our Opinion:-
Please note that this will only make income tax return filing mandatory for these taxpayers, however final income tax amount shall be either payable or refund as per applicable taxable income after considering all allowable deductions & exemption as provided in the income tax act.
This mechanism has been introduced only for enforcing cross-checks so that such person may not evade their taxes.
Feel free to contact us in case of any queries.
Regards,
CA Abhay Shah
SHAH A P & CO.