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Through CBDT NN. 37/2022 dated 21.04.2022 notified rule 12AB has prescribed certain conditions for furnishing of ITR by specified persons referred to in clause (iv) of 7th proviso to section 139(1). The conditions prescribed for compulsorily filing of ITR by specified persons are as follows:
(i) if the total sales, turnover or gross receipts in the business exceed Rs. 60 lakhs or the total gross receipts in the profession during the previous year (PY) exceeds Rs. 10 lakhs during PY; either
(ii) If the aggregate of TDS and TCS during PY exceeds Rs. 25,000 (Rs. 50,000 if the Indian resident is of 60 years of age or more) or more; either
(iii) Deposits in one or more savings bank accounts aggregating to Rs. 50 lakh or more during the previous year.
For details, please refer to Notification No. 37/2022 dated. 21scheduled tribe April, 2022 at the link given below –
https://incometaxindia.gov.in/communications/notification/notification-37-2022.pdf
PDF version attached: https://www.dpncindia.com/blog/wp-content/uploads/2022/04/CBDT-Precribes-Futher-Conditions-for-Mandatory-Filing-of-ITR.pdf
Disclaimer:
The information given here is in summary form based on the interpretation of CBDT Notification No. 37/2022 dt. April 21, 2022. While the information is believed to be accurate to the best of our knowledge, we make no representations or warranties, express or implied, as to the accuracy or completeness of this information. The reader should conduct and rely on his own examination and analysis and is advised to seek his own professional advice. This document is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any error contained herein, whether due to negligence or otherwise or for any damages, whether caused or sustained by a person dependent on it.
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