Central Board of Direct Taxes (CBDT), recently released a new notification 37/2022 in which they have introduced new changes in Income Tax Return [ITR] filing Forms. CBDT has made Income Tax Return (ITR) filing mandatory for individuals other than a company or a firm, whose bank saving account deposits, in aggregate, more than fifty lakh rupees, during the previous year. 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 i.e Income Tax slab limit, during the previous year.
You can read the full notification and other conditions mentioned in notification 37/2022 in our previous post. Click Here