New rules effective from April 21
If you are also a taxpayer then this news is very important for you. The government has changed the rules for filing tax returns. However, the government has widened the scope of income tax filing to bring more people into the tax bracket. The Finance Ministry has given this information.
According to the notification issued by the Ministry of Finance, now people with different income groups and income will also have to file income tax returns. Under the new rule, now more people will be brought under the tax net. These new rules will be effective from April 21.
Let us tell you that according to this new rule, if the sales, turnover or income of a business is more than Rs 60 lakhs, then the business will have to file the return. If a job worker earns more than Rs 10 lakh annually, he/she will have to file income tax return even if the amount of ITR TCS exceeds Rs 25,000 in a year. Let us tell you that the TDS + TCS limit has been fixed at Rs 50,000 for taxpayers who are 60 years and above.
According to the new notification, if the amount deposited in the bank savings account is 50 lakhs or more in 1 year, then such depositors will also have to file their return. The new rules will be effective from April 21. The government believes that with the new changes, the scope of income tax filing will increase and more people will come under the tax net.