ITR Rules: The government recently issued new rules for income tax returns. According to the notification, due to the new changes, more and more people will be brought under the tax net.
- The process of filing income tareturnsrn has been simplified by the government.
- Taxpayers can also file ITR at the post office.
- If you do not file ITR on time, then you will have to bear the consequences.
ITR Rules: Recently, the government had increased the scope of income tax filing to bring more people under the tax net. If you do not know about the new rules of Income Tax Return till now, then know now, or else you may suffer loss. According to the new income tax rules, now many more income groups and people with income will have to file income tax returns. The new rules have come into effect from April 2022 itself.
Here’s the new rule
Those whose total tax deducted at source (TDS) or tax collected at source (TCS) is Rs 25,000 or more during a financial year, have to mandatorily file their tax return However, senior citizens have been given some relaxation in this matter. The total TDS or TCS amount for ITR filing for senior citizens should be Rs 50,000 or more.
If there is a mistake in filing ITR, then there is a possibility of deduction of TDS.
Now more people will have to file ITR
The central government has expanded the scope of ITR filing to bring more people into the tax database. According to the notification issued by the Ministry of Finance, now people with higher income groups and income will have to file an income tax returns.
They also have to file ITR
Apart from this, a person whose savings account deposit amount is Rs 50 lakh or more in a financial year, will also have to mandatorily file ITR, irrespective of his level of income. There are certain points you should not overlook while filing ITR.