CBDT inserts Rule 12AB to provide further conditions, where filing of ITR is mandatory as per clause (iv) of 7th Proviso to section 139(1) namely: –

  • by

CBDT inserts Rule 12AB to provide further conditions, where filing of ITR is mandatory as per clause (iv) of 7th Proviso to section 139(1) namely: –

  1. if his total sales, turnover, or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or
  2.  if his total gross receipts in profession exceeds ten lakh rupees during the previous year;or
  3. if the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; or
  4. the deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year.

Provided that in the case of an individual resident in India who is of the age of sixty years or more, at any time during the relevant previous year, the provision of clause (iii) shall have effect as if for the words “twenty-five thousand”, the words “fifty thousand” had been substituted.

Leave a Reply

Your email address will not be published. Required fields are marked *