ITR means Income Tax Return..You have to declare your income for a financial year through this form. Earnings are classified into five types. Salary, rent on home, income on business or occupation, capital income, and other income. After calculating the gross income and deducting deductions from it, you have to file a return if the net income exceeds the basic limit.
For those who do not cross the 60s, the basic limit is Rs. 2,50,000
For those between 60–80 years, Rs. 3,00,000
For those above 80 years, Rs. 5,00,000
Apart from this, those who want to claim a refund through TDS even if they have no income, as well as those who have assets abroad, have to file a return without cause with income.
Be your own merchant... Sales Rs. Suppose they are in the range of Rs 1 crore. Purchases and other expenses amount to Rs. Suppose 98,00,000. Based on this, your net income is Rs. 2,00,000. It is within the basic limit so you do not have to return. However, the Rules have changed as per the notification issued on 21–4–22. Effective from the date of publication of the Gazette. Applicable for the fiscal year ending 31–3–22. From now on with no net income...
Sales, turnover, and receipts in an individual business are Rs. If it exceeds 60,00,000...
The income of an individual in a profession is Rs. If it exceeds 10,00,000
TDS but TCS but in a financial year Rs. If it exceeds 25,000
Deposits in bank savings accounts (one or more) up to Rs. If 50,00,000 is exceeded
In the case of those above 60 years, TDS, TCS. Rs. If it exceeds 50,000
Those mentioned above are required to file returns dutifully from now on. These new rules seem to expand the scope of the income tax department. Its purpose is to lay down returns as in the GST Act. In the GST Act, Rs. Only those who cross 20,00,000 will have registration, taxes, and returns. But for professionals, Rs. The commotion started at 10,00,000. The existing laws have been changed and changed. Income tax law is changing its nature along with its nature. However, it does not seem reasonable to expect the same from small businesses and traders as one would expect from those who make big financial transactions.
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