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Limit for IT filing

NICSON JOHN (514 Points)

31 July 2022

is there any turnover or gross receipt limi for ITR filing for indivitual?pls reply thanks in advance

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 31 July 2022

Income Tax Return Filing Must in these Four Conditions

1) An individual has to file income tax return if his total sales, turnover, or gross receipts in the business exceeds Rs 60 lakh during the previous year

2) If total gross receipts in profession exceed Rs 10 lakh during the previous year, the person needs to file ITR.

3) If TDS or TCS during the year is Rs 25,000 or more, it is mandatory to file a return of income tax. For senior citizens, this rule will be applicable if the individuals aggregate TDS or TCS is Rs 50,000 or more a financial year.

4) The deposit in one or more savings bank accounts of the person, in aggregate, is Rs 50 lakh or more during the previous year, it is a must to furnish income tax return.

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sabyasachi mukherjee (27574 Points)
Replied 31 July 2022

Not 60 lakhs but 50 lakhs

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 31 July 2022

Refer section/notification to authenticate the figure..........

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NICSON JOHN (514 Points)
Replied 31 July 2022

Sir what about salaried persons?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 31 July 2022

No specific clause for them, but in general....

ITR filing before the expiry of due date (July 31) is mandatory for these taxpayers:
a) who has spent an amount or aggregate of amounts exceeding Rs 2 lakh for himself/herself or any other person for travel to a foreign country;
b) who has deposited an amount or aggregate of amounts exceeding Rs 1 crore in one or more current accounts maintained with a bank or co-operative bank;
c)who has paid electricity bill exceeding Rs 1 lakh in a single bill or on aggregate basis during the financial year;
d) "Ordinarily resident individuals who are having income from foreign countries and/or holding assets in foreign countries and/or having signing authority in any account outside India; and
e)If an individual's gross total income exceeds the exemption limit before claiming tax exemption on capital gains under sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB of the Income-tax Act, 1961"

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NICSON JOHN (514 Points)
Replied 31 July 2022

Sir point e is applicable to salaried person only right?i am a business person i am not coming under any of the condition mentioned you as first relply.but point e is applicable..should i file return?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 31 July 2022

Every person, having gross income above basic exemption limit is required to file return. (i.e income before any deductions)

Be it salaried employee or businessman.

For businessman check if audit applicable. If no..... file it before 31st July.

Otherwise by 31.10.2022.

NICSON JOHN (514 Points)
Replied 31 July 2022

Sir sorry for disturbing you again...one more doubt..i had income more than the excemption limit last year but did not file return..what is the concequence..if income reported in 26as and if not...pls reply