New Delhi, August 25: With the aim to expand the tax base, the government has introduced several measures to tighten nose on tax evaders. According to the new measures, a person is required to file Income Tax Return (ITR) if he/she has done certain expenditures beyond a threshold limit in a particular financial year even though his/her income is not taxable. Income Tax Return Filing New Date: Last Date for Filing ITR for FY 2018–19 Extended Till September 30, 2020.
The Narendra Modi government has been introduced the three new criteria under the seventh provision to Section 139(1) of Income Tax Act 1961. Currently, if an individual has a gross taxable income before any tax deductions and is below the minimum tax-exempted threshold limit, then he or she is not required to file ITR. Income Tax Return Forms for 2019-20 Notified; Govt Makes Mandatory Disclosure of Electricity Bill Exceeding Rs 1 Lakh.
Here are Following Conditions When a Person is Required to File ITR:
- If a person has made an electricity bill of Rs 1 lakh or more during the financial year.
- If a person has deposited more than Rs 1 crore or more current account in a bank.
- If a person has incurred an expenditure of Rs 2 lakh or more for foreign visits for self or any other person.
From now on, if he/she had zero income in FY2019-20 but met any of the above-mentioned conditions, then a person has to file ITR. The government will also not consider capital gain exemption while calculating the minimum tax-exempted income.
(The above story first appeared on LatestLY on Aug 25, 2020 05:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).