All you need to know about new criteria for Income Tax return filing

New rules are not confined to gross total income alone

The Union government recently changed the rules for filing Income Tax returns. Here is all you need to know.

“Prior to the changes, the usual requirement for filing returns was based on income criteria. For individuals, the criteria was that if their gross total income was above ₹2.5 lakh, they had to file the I-T returns. Similarly, a senior citizen (60–80 years) had to file returns if the gross total income was greater than ₹3 lakh. The criteria for a very senior citizen (80 years and above) was an income greater than ₹5 lakh,” Abhishek Murali, president of the All India Tax Payers’ Association (AITPA) said.

New additional rules have now been introduced which are not confined to income alone.” Even if you have absolutely no income during the year, if any of the following criteria are satisfied, then it is a mandatory requirement to file I-T returns. Failing which penalties and fines will be levied on the defaulter,” he pointed out.

i) Where tax deducted at source/tax collected at source is ₹25,000 or more

ii) Where aggregate deposits into the Savings Bank accounts during the year is ₹50 lakh or more

iii) For a business: where gross receipts/sales is ₹60 lakh or more (even if loss making)

iv) For a professional: where gross receipts is ₹10 lakh or more (even if loss making)