The CBDT recently notified Rule 12AB under the Income-tax Rules, 1962 which lays down additional conditions that require the furnishing of income-tax return.
These are applicable to individuals / HUF / AOP etc., i.e. person other than a company or a firm.
What are the existing conditions triggering income-tax return filing requirement?
1] Total income during a financial year exceeds minimum exemption limit (currently INR 2.5 Lacs); or
2] Aggregate deposits exceeding INR 1 Crore (INR 10 Mn) in current accounts maintained with banks; or
3] Expenditure exceeding INR 2 Lacs for self / other person for travel to a foreign country; or
4] Expenditure exceeding INR 1 Lac for consumption of electricity.
What are the new conditions prescribed?
1] Total sales / turnover / gross receipts from business exceed INR 60 Lacs during a financial year; or
2] Total gross receipts from profession exceed INR 10 Lacs during a financial year; or
3] Aggregate of TDS and TCS during a financial year is INR 25,000 or more; or
4] Savings bank deposits in aggregate during a financial year are INR 50 Lacs or more.