Income Tax Update, Senior Citizens Will Have To File ITR Now

As per the new guidelines of the Central Board of Direct Taxes (CBDT), now it is mandatory for all the citizens whether working professionals, self-employed or businessmen to file ITR even if they are falling under the exemption limit. Currently, the exemption limit varies with the age. For the individuals below the age of 60 years, the limit is ₹2.5 lakh, for the people aged between 60 to 80 years the limit is ₹3 lakh and for the citizens who are above 80 years of age the exemption limit is ₹5 lakh. Now with the set of rules, those firms or companies whose total revenue collection crosses ₹60 lakhs or the profession income is above ₹10 lakhs will now have to file ITR.

Revised Income Tax Rules

File ITR If TDS/TCS Reaches ₹25,000

Similarly, if the person is below 60 years of age and TDS/TCS deductions have reached ₹25,000 or above yearly, then he or she is also liable to file ITR. Meanwhile, if the same deduction reaches ₹50,000 or more at the age of 60 years, then the person is bound to file ITR.

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File ITR For Saving Account

Under the new set of instructions from the government, a person will have to file ITR if the savings account figure reaches ₹50,000 lakh or more in a year, said Dr Malay Gupta, Chartered Accountant.

Increased Numbers of Taxpayers

With new guidelines in effect, it is true that several more will now be counted under the category of taxpayers. And this decision has been taken by the Government because of this reason only. Dr Shivam Omar, Chartered Accountant.