Individuals and professionals will be required to file income tax returns under the new guidelines by the Central Board of Direct Taxes (CBDT), regardless of whether their income is within the taxable limit. The present income tax exemption threshold for people under the age of 60 is Rs. 2.5 lakh, and Rs. 3 lakh for those between the 60 and 80 ages, and 5 lakh for people over the age of 80. According to the new guidelines, those whose sale proceeds exceed Rs 60 lakhs or whose professional income exceeds Rs. 10 lakh will also be required to file the return.
A person under the age of 60 must also file a return if they deduct more than Rs 25,000 in Tax Collection at Source or Tax Deduction at Source or every year. In addition, if he is 60 years old and the deduction is 50,000 rupees or more, he must also file a return. Seniors had previously only been required to file tax returns if they had any business income.
There are new income tax regulations in effect. People who have deposited more than Rs 50 lakh in savings accounts in a year must also file a return. -Doctor. Chartered Accountant Malay Gupta.
With this new regulation, many persons are now subject to returns. This will result in more people returning. -Doctor. Chartered Accountant Shivam Omar.