Central Board of Direct Taxes (CBDT) has released notification no 37/2022 dated 21.04.2022 in which it has notified conditions for furnishing Income Tax return by persons referred in section 139(1)(b) read with clause (iv) of 7th proviso of Income Tax Act.
CBDT via this notification has specified conditions for furnishing return of income which are during the previous year:
1. If the sales, turnover or gross receipts in the business exceeds sixty lakh rupees; or
2. If total gross receipts in profession exceeds ten lakh rupees; or
3. If the aggregated Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) is twenty five thousand or more; or
4. If the aggregated deposit in saving bank account (one or more accounts) is fifty lakh rupees or more provided that the case of an individual resident in India who is of the age of sixty years or moreNotification 37/2022
For our readers, kindly note that:
Section 139(1)(b) – This states that it applies to every person, other than a company or a firm, if his/her total income or of any other person for which he is assessable under the Income Tax Act, exceeds the maximum amount not chargeable to income tax during the previous year.