Additional, a person whose deposits in a saving checking account are Rs 50 lakh or extra within the fiscal can even need to compulsorily file ITR regardless of his/her earnings degree.
The seventh provision to Part 139 was inserted by the Finance Act, 2019, which offered for sure standards which mandated the submitting of income-tax returns even when the person’s earnings is lower than the essential exemption restrict. Such standards embody deposition of Rs one crore or extra in a present account, expenditure exceeding Rs 2 lakh for overseas journey, or an quantity exceeding Rs 1 lakh for electrical energy consumption throughout the 12 months.
In accordance with tax specialists, making tax submitting obligatory for these with skilled receipts exceeding Rs 10 lakh would add to their submitting compliance as a result of such taxpayers (finishing up enterprise) could be sustaining books of accounts pre-scribed below Part 44AA of the IT Act.
In 2019, the federal government had broadened the tax-filing standards on comparable traces — for these depositing Rs 1 crore and extra within the present account; spending Rs 2 lakh or extra on overseas journey; paying electrical energy payments of Rs 1 lakh and extra; claiming tax exemption on funding in homes, and so forth.