Pranam
INCOME TAX RULES NEW FOR ay 23 24
Under the new directions of the Central Board of Direct Taxes (CBDT), it
will be mandatory for individuals, professionals to file income tax
returns, whether their income falls in the taxable limit or not. At
present, the income tax exemption limit is Rs 2.5 lakh for persons below 60
years of age, Rs 3 lakh for those in the age group of 60 to 80 years, Rs 5
lakh for those above 80 years of age. Now as per the new instructions,
those whose sale money is above Rs 60 lakhs. OR Profession income is above
Rs 10 lakh, they will also have to compulsorily file the return.
Similarly, if a person below 60 years of age has deducted Rs 25,000 as TDS
(Tax Deduction at Source) or TCS (Tax Collection at Source) annually, then
he will also have to file a return. At the same time, if this deduction is
50 thousand rupees or more on the age of 60 years, then he will also have
to file the return. Till now, senior citizens were required to file returns
only if they had any business income.
New rules of income tax have come into force.{ APPLICABLE FROM fy 22 23
ACCORDING TO ME} Those whose savings account has deposited more than Rs 50
lakh in a year, they will also have to file a return KR IRS 29722
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