1. Rule 12AB has been inserted by way of notification No. 37/2022.
  2. 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
  3. 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.

Team – Intellex Strategic Consulting Pvt Ltd

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