Thee Central Board of Direct Taxes (CBDT) has issued the Notification No. 37/2022 dated 21st April 2022 in which certain additional conditions have been specified for the filing of Income tax returns. The said conditions have been inserted under Rule 12AB of the Income tax rules 1962.
The additional conditions are as follows:-
a. If the total sales, turnover or gross receipts in the business exceeds Rs. 60 Lakhs during the previous year; or
b. If the total gross receipts from the profession exceeds Rs. 10 Lakhs during the previous year; or
c. If the aggregate TDS and TCS during the previous year, in the case of a person, is Rs. 25 thousand or more; (For the purpose of Resident individual who is 60 years of age or more, the limit is Rs. 50 thousand or more) or
d. the deposit in one or more saving bank account of the person, in aggregate, is Rs. 50 Lakhs or more during the previous year.
To view and download the Notification, click here
