New IT Rule 12AB: Conditions for Mandatory filing of Tax Return (ITR) u/s 139(1)


CBDT Income Tax Notification 37/2022 dt. 21/04/2022:

 CBDT has notified the Income-tax (Ninth Amendment) Rules, 2022, to insert new IT Rule 12AB on conditions for mandatory filing of tax return (ITR) by persons referred to in section 139(1)(b), which includes 

1. Business sale/ turnover/ receipts exceeding Rs. 60 lacs, 

2. Professional receipts exceeding Rs. 10 lacs,

3.  Aggregate TDS/ TCS exceeding Rs. 25,000 (Rs. 50,000 in the case of a senior/ very senior citizens) and saving banks deposits exceeding Rs. 50 lacs, during the previous year.

It may be noted that earlier the seventh proviso to IT Section 139 was inserted vide Finance Act, 2019, which has laid down certain criteria for mandatory filing of tax return (ITR) even if Individual’s income is not exceeding the basic exemption limit, which includes deposits of Rs. 1 crore or more in current account, foreign travel expense exceeding Rs. 2 lacs, electricity consumption exceeding Rs. 1 lac during the previous year.


Introduction of new IT Rule 12AB seems to be an attempt by CBDT to expand the taxpayers.


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