Deposited more than 50 lakhs to saving accounts this financial year? You must file ITR

If you are making deposits aggregating more than 50 lakhs in one or more savings bank accounts in a financial year, you are required to mandatory file your returns.

Recently, Central Board of Direct Taxes (CBDT) issued a notification on 21st April, 2022.

According to the Income Tax Rules, 1962, it is mandatory for people whose income is more than the tax exemption, it is mandatory to file ITR. Apart from this, the government has also imposed some other conditions, under which people also have to file ITR. Now four new conditions have been added to this list.

Here are four conditions under which you have to file ITR giving information about all their income.

Business Turnover

If you are running a business and your total sales, turnover or gross receipts, in the business exceeds Rs 60 lakh during the financial year, you need to file the return.

This is irrespective of whether there is a loss or profit in your business.

Professional receipts

If you are a professional and your total gross receipts in profession exceeds Rs 10 lakh during the previous year; you are mandatorily required to file ITR. “Income from profession is recognised as the gross receipts earned by the professionals coming under the certain professional activities as per the IT Rules like architectural, engineering, legal, IT Professional, Accountancy, Interior Decorator, Medical, CS, Film Artists and Technical Consultancy – provided they are provided the said services in free-lance capacity,” said Jain.

Tax deducted at source

In order to collect tax at source, TDS is levied on incomes earned from salaries, contractual fee, commissions, dividends, services charges, sale, rent and purchase of immovable property, interest income and almost all sources. The rate of TDS varies based on the source of your income and it ranges between 1% to 30%.

Government has now made it mandatory for the income tax assessee to file income ITR if the aggregate amount of TDS or tax collected at source during the financial year, exceeds Rs 25,000. However, this limit is Rs 50,000 in case assessee is a senior citizen (above age of 60 years).

Deposit in saving bank accounts

If you make deposits aggregating more than Rs 50 lakh in one or more savings bank accounts in a financial year, you are required to mandatorily file your returns.