ITR Filing: New Tax Regime these people should file ITR mandatory

The government requires people to file income tax returns (ITRs) to get information about their income and to check if tax on the income earned has been correctly paid. ITR Filing: New Tax Regime these people should file ITR mandatory.

The last date for ITR filing for FY 2021-22 (AY 2022-23) is July 31, 2022, for individual taxpayers whose accounts are not required to be audited. According to tax regulations, if a person’s gross annual income exceeds Rs. 250,000 under the new tax regime in a fiscal year, he or she must file a tax return.

Gross annual income is made up of earnings from a variety of sources, such as salaries, real estate, capital gains, and so on. If paid more than Rs 1 lakh in electricity bills in a single bill or on an aggregate basis during the financial year If cash deposits and If withdrawals from a bank account exceed Rs. 10 lakh in a financial year and Rs. 50 lakh in a current account.

The IT return must be specified. You must still ITR filing if your total TDS/TCS is 25,000 as a general public and 50,000 as a senior citizen. You must ITR filing if you earn Rs. 10 lakh or more per year, or if your income exceeds Rs. 50 lakh from business or profession.

Any purchase or sale of real estate for 30 lakh or more, as well as any investments in stocks, mutual funds, debt instruments, bonds, or payments on credit card debts exceeding 10 lakh, must be reported on Form 26AS.

Who is exempted from ITR filing? Senior citizens 75 years of age and older will no longer be required to file ITRs beginning in fiscal year 2021-22 if they meet certain requirements outlined in the Income Tax Act of 1961.

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Let’s see under what circumstances super senior citizens can be exempted from ITR filing:

1. Senior citizen should be of age 75 years or above

2. Senior citizen should be a resident in the previous year

3. Senior citizen has pension income and interest income only

4. Interest income accrued/earned from the same specified bank in which he/she is receiving pension

5. He/she shall be required to furnish a declaration to the specified bank containing particulars, in such form and verified in such manner, as may be prescribed.