Mumbai, The government has now made it mandatory for every person to file income tax return. You must be aware that ITR filing has to be done to claim credit of TDS/TCS, but ITR filing by the department was not mandatory till now but has been made mandatory from now on. Through this, the government wants to reach those people who do high-value transactions, but do not file returns due to low income. This step of the government will increase the number of income tax returns filing in the country and will also bring more transparency in the system.
Always give accurate information about your income. If you do not disclose all the sources of your income intentionally or even by mistake, then you may get notice from the Income Tax Department and you may get in trouble. Information such as savings account interest and house rent income is also to be given. Because these incomes also come under the purview of tax. Also keep in mind that do not try to file ITR last minute. File your return on time.
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Let us tell you that if you are running a business and your total sales, turnover or gross receipts during the financial year is more than 60 lakhs, then you will have to file the return. It does not matter whether you have loss or profit in business.
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Apart from this, it is mandatory to file ITR even if you are a professional and your total gross receipts in the profession is more than Rs 10 lakh during the previous year. So the same whose TDS and TCS during the financial year is Rs 25,000 or more. In the case of senior citizens, this rule will be applicable if TDS and TCS are more than Rs 50,000. Now those people will also have to file ITR whose deposits in the savings bank account are Rs 50 lakh or more in the financial year.
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