New criteria for filing return of income under Indian IncomeTax:
- Rule 12AB has been inserted by way of notification No. 37/2022.
- Freshly inserted Rule 12AB provides for conditions for furnishing return of income by 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
- Following are the new conditions, satisfaction of any of which, may result a person other than a company or a firm, to furnish a return of income:
(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.
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