ARORA PREM AND ASSOCIATESCBDT made return filing mandatory where turnover, TDS/TCS or deposit in saving bank account exceeds certain limit
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CBDT made return filing mandatory where turnover, TDS/TCS or deposit in saving bank account exceeds certain limit
| The CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in the following situations: |
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1. If total sales, turnover, or gross receipt of the business exceeds Rs. 60 lakh during the previous year; or |
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2. If total gross receipt of profession exceeds Rs. 10 lakh during the previous year; or |
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3. If the total of tax deducted and collected in case of a person during the previous year exceeds Rs. 25,000. The threshold limit shall be Rs. 50,000 in case of a resident individual of the age of 60 years or more; or |
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4. If the aggregate deposit in one or more savings bank account of the person is Rs. 50 lacs or more during the previous year. |
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