ITR Filing is compulsory in 15 cases – check if you fall in any

ITR filing

Income Tax Return (ITR) filing is no more an option now. Time to time, Government has tried to cover all most all people whether or not they are in profit or doing business. To avoid any litigation, it is always advisable to file ITR before due dates because of its various merits.

Due date for ITR Filing for AY 2022-23

The due date of Income Tax return (ITR) for FY 21-22 or AY 22-23 is as follows-

Category of TaxpayerDue Date
ITR of Individual / HUF/ AOP/ BOI/ Firm/ LLP/ AJP/ Local Authority/ Co-operative society (unaudited)31st July 2022
Submission of Tax audit report u/s 44AB30th September 2022
ITR of audited cases31st October 2022
Report to be filed u/s 92E31st October 2022
Businesses (Requiring TP Report)30th November 2022
Revised Return31st December 2022
Belated/Late Return31st December 2022

Read Also:  ITR: Why you must report tax-exempt income on your tax return?

Compulsory to File Income Tax Return

1. Business sale exceeds Rs 60 lakh

CBDT has now made mandatory to file income tax return (ITR) whose total business turnover is more than Rs 60 lakh in a year irrespective of the net profit.

2. Professional Receipt exceeds Rs 10 lakh

CBDT has also now made mandatory to file income tax return (ITR) whose total gross receipt from the profession is more than Rs 10 lakh in a year irrespective of the net profit.

Read Also:  15 Reasons you may get Income Tax Notice

3. Total TDS & TCS more than Rs 25,000

The government has now made it compulsory for an individual to file income tax returns if his/her total TDS/TCS during the fiscal is Rs 25,000 or more even if the individual’s gross earnings is below the basic exemption limit. For the senior citizens, this rule will apply if the individual’s total TDS/TCS is Rs 50,000 or more in a
given financial year.

Read Also: Income Tax: Which ITR form is applicable to you for FY 2021-22? and what’s the due date?

4. Deposit in saving accounts exceeds Rs 50 lakh

Any person whose deposits in a saving bank account are more than Rs 50 lakh in a fiscal too will also have to compulsorily file ITR irrespective of his/her income level.

5. Deposits in current accounts exceeds Rs 1 crore

Any person whose deposits in a current bank account are more than Rs 1 crore in a fiscal too will also have to compulsorily file ITR irrespective of his/her income level.

Read Also: Income tax intimation notice got after ITR filing? Know what to check first

6. Electricity expenses over Rs 1 lakh

People who incur large expenses with regards to electricity bill payment, will have to file their ITR compulsorily.

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7.Expenses on foreign travel over Rs 2 lakh

The person who goes to foreign travel already need to go with lot of formalities. Now one more added for filing ITR if total expense on foreign travel exceeds Rs 2 lakh

Read Also: ITR Filing: Balance Sheet and Profit and Loss; 15 points for Preparation

8. Total income exceeds Rs 2.5 lakh

ITR is mandatory if your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2020-21. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80).

Read Also: Income Tax Return Documents required for AY 2022-23 ITR filing

9. Company or a Firm

You are a company or a firm irrespective of whether you have income or loss during the financial year, ITR filing is mandatory.

10. Others

  1. Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
  2. If you are a Resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs).
  3. You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
  4. If you are a foreign company taking treaty benefits on transactions in India.
  5. You want to carry forward a loss under a head of income.

Read Also: 10 common mistakes to avoid while filing ITR

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