The new ITR filing rule states that if the amount of TDS and TCS in a year exceeds Rs 25000, an Income Tax Return (ITR) must be filed. To bring more people into the tax bracket, the government has increased the scope of income tax reporting. According to the Ministry of Finance's announcement, more income groups and those with income will now be required to file income tax forms. More people will be pulled into the tax net as a result of the new reforms. The new rules will take effect on April 21, 2022.
According to the latest notification, if a company's sales, turnover, or revenue exceeds 60 lakhs, the company must file a return. Even if a professional's annual salary exceeds Rs 10 lakh, an ITR must be filed. Aside from that, even if the sum of TDS and TCS exceeds Rs 25000 in a year, an income tax return must be filed. However, for taxpayers aged 60 and up, the TDS + TCS ceiling has been maintained at Rs 50,000.
According to the new announcement, if the amount deposited in a bank savings account is 50 lakh or more in a year, the depositors must also file tax reports.
The government hopes that the new amendments will broaden the scope of income tax reporting, allowing more people to fall into the tax net.
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