{"id":278,"date":"2022-04-26T09:03:45","date_gmt":"2022-04-26T09:03:45","guid":{"rendered":"http:\/\/sdy.co.in\/blog\/?p=278"},"modified":"2022-04-26T09:03:45","modified_gmt":"2022-04-26T09:03:45","slug":"who-is-required-to-file-income-tax-returns-fy-2021-22-ay-2022-23","status":"publish","type":"post","link":"http:\/\/sdy.co.in\/blog\/who-is-required-to-file-income-tax-returns-fy-2021-22-ay-2022-23\/","title":{"rendered":"Who is required to File Income Tax Returns FY 2021-22 (AY 2022-23)?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"538\" src=\"http:\/\/sdy.co.in\/blog\/wp-content\/uploads\/2022\/04\/income-tax-return-1024x538.jpg\" alt=\"\" class=\"wp-image-279\" srcset=\"http:\/\/sdy.co.in\/blog\/wp-content\/uploads\/2022\/04\/income-tax-return-1024x538.jpg 1024w, http:\/\/sdy.co.in\/blog\/wp-content\/uploads\/2022\/04\/income-tax-return-300x158.jpg 300w, http:\/\/sdy.co.in\/blog\/wp-content\/uploads\/2022\/04\/income-tax-return-768x403.jpg 768w, http:\/\/sdy.co.in\/blog\/wp-content\/uploads\/2022\/04\/income-tax-return.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Compulsory to file Income Tax Returns;- Applicable for Financial Year 2021-22 i.e. Assessment Year 2022-23. Recently, CBDT inserted a new rule 12AB which now mandates Compulsory Return Filing in all cases where following limits exceeded:-<\/strong><\/p>\n\n\n\n<ul><li>Sales, Turnover or Gross Receipts from business exceeds INR. 60 lacs<\/li><li>Gross receipts from Profession exceeds INR. 10 lacs<\/li><li>TDS\/TCS exceeds INR. 25,000 (In case of Senior Citizens INR.50,000)<\/li><li>Deposit in one or more Savings bank account of the person, in aggregate, is INR. 50 lacs or more<\/li><\/ul>\n\n\n\n<p><strong>Apart from above new conditions, following other criteria already mentioned u\/s 139(1) of the Income Tax Act:-<\/strong><\/p>\n\n\n\n<ul><li>Deposited INR 1 crores or more in one or more current accounts with a banking company or co-operative bank;<\/li><li>Incurred expenditure of INR 2 Lacs or more on foreign travel expenses either for himself or for any other person;<\/li><li>Incurred expenditure of INR 1 Lacs or more towards consumption of electricity.<\/li><\/ul>\n\n\n\n<p><strong>What are the consequences of non-filing or delay in filing of the Income Tax Returns:-<\/strong><\/p>\n\n\n\n<ul><li>Penalty of INR. 5,000 (if filed before 31 Dec) after which penalty of INR. 10,000 will be levied.<\/li><li>Assessee would not be allowed to claim the benefit of certain deductions and\/or set off and carry forward of losses other than loss from house property loss, due to non-filing of the tax return within the prescribed due dates.<\/li><li>While making an application for a loan to purchase a house\/car or medical treatment or making an application for VISA of some foreign countries like the UK, US, Canada, and Australia, copy of Income Tax Return is an important document.<\/li><li>TDS may be deducted at double the rate applicable as per the provisions of Income Tax Return.<\/li><li>TDS may be deducted at double the rate applicable as per the provisions of Income Tax Return.<\/li><li>Interest u\/s 234A at the rate of 1% pm will be levied.<\/li><li>Penalty u\/s 270A may be levied and prosecution may also be initiated.<\/li><li>The above new rule 12AB is applicable for Financial Year 2021-2022 (AY 2022-23)<\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Compulsory to file Income Tax Returns;- Applicable for Financial Year 2021-22 i.e. Assessment Year 2022-23. Recently, CBDT inserted a new rule 12AB which now mandates Compulsory Return Filing in all cases where following limits exceeded:- Sales, Turnover or Gross Receipts from business exceeds INR. 60 lacs Gross receipts from Profession exceeds INR. 10 lacs TDS\/TCS [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false},"categories":[4],"tags":[93,94,95,97,96,99,27,92,17,98,100],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/posts\/278"}],"collection":[{"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/comments?post=278"}],"version-history":[{"count":1,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/posts\/278\/revisions"}],"predecessor-version":[{"id":280,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/posts\/278\/revisions\/280"}],"wp:attachment":[{"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/media?parent=278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/categories?post=278"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/sdy.co.in\/blog\/wp-json\/wp\/v2\/tags?post=278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}