Now, vide Notification No. 37/2022, Dated 21-April-2022, CBDT has notified a new Rule 12AB which prescribes additional conditions which mandate the filing of Income-tax returns despite the fact that income is below the basic exemption limit.
In the Income-tax Rules, 1962, after rule 12AA, the following rule shall be inserted, namely:-
12AB. Conditions for furnishing return of income by persons referred to in clause (b) of sub-section (1) of section 139.–
The conditions for furnishing return of income in respect of persons referred to in clause (b) of sub-section (1) of section 139 in terms of clause (iv) of the seventh proviso to sub-section (1) of section 139 shall be the following, namely: -
(i) 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
(ii) if his total gross receipts in profession exceeds ten lakh rupees during the previous year; or
(iii) 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
(iv) the deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year:
(*For Point No-(iii) = However, the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.)
