25/04/2022
🫐 *Compulsory to file Income Tax Returns;- Applicable for Financial Year 2021-22 i.e. Assessment Year 2022-23*
Recently, CBDT inserted a new rule 12AB which now mandates Compulsory Return Filing in all cases where following limits exceeded:-
👉 Sales, Turnover or Gross Receipts from business exceeds INR. 60 lacs
👉 Gross receipts from Profession exceeds INR. 10 lacs
👉 TDS/TCS exceeds INR. 25,000 (In case of Senior Citizens INR.50,000)
👉 Deposit in one or more Savings bank account of the person, in aggregate, is INR. 50 lacs or more
Apart from above new conditions, following other criteria already mentioned u/s 139(1) of the Income Tax Act:-
👉 Deposited INR 1 crores or more in one or more current accounts with a banking company or co-operative bank;
👉Incurred expenditure of INR 2 Lacs or more on foreign travel expenses either for himself or for any other person;
👉Incurred expenditure of INR 1 Lacs or more towards consumption of electricity.
*What are the consequences of non-filing or delay in filing of the Income Tax Returns:-*
👉 Penalty of INR. 5,000 (if filed before 31 Dec) after which penalty of INR. 10,000 will be levied.
👉Assessee would not be allowed to claim the benefit of certain deductions and/or set off and carry forward of losses other than loss from house property loss, due to non-filing of the tax return within the prescribed due dates.
👉 While making an application for a loan to purchase a house/car or medical treatment or making an application for VISA of some foreign countries like the UK, US, Canada, and Australia, copy of Income Tax Return is an important document.
👉 TDS may be deducted at double the rate applicable as per the provisions of Income Tax Return.
👉 TDS may be deducted at double the rate applicable as per the provisions of Income Tax Return.
👉 Interest u/s 234A at the rate of 1% pm will be levied.
👉 Penalty u/s 270A may be levied and prosecution may also be initiated.
The above new rule 12AB is applicable for Financial Year 2021-2022 (AY 2022-23)