Do you fall in one of those new 4 categories whom CBDT recently covered under its Income tax Return filing net?

You know CBDT has unfettered power for covering more persons under its tax net.

CBDT gets this power from proviso-clause (iv) to 7th proviso of clause (b) subsection 1 to section 139.

Using these powers on April 21 2022 CBDT has covered 4 additional categories under its tax-net taking the total tally to 7.

That means now even if you aren't required to file your tax returns under sub-section 139(1) but you fall in any of the below categories then you would have to file your tax returns.

1. You're a business person having total sales, turnover or gross receipts exceeding Rs60lacs.
2. You're a professional making gross receipts over Rs10lacs.
3. The total Tax deducted at source (TDS) and Tax collected at source from you is over Rs25000.
4. You've total saving bank deposits of Rs50lacs or more.
5. You've deposited over Rs1crore in your one or more current accounts with a banking company or cooperative bank.
6. You incurred over Rs2lacs on yours or someone others foreign country travel.
7. You incurred Rs1lac or more on electricity consumption.

Please remember 2 things:

1. You've to file an income tax return if you did any of the 7 above actions during one previous year.
2. If you age 60 years or more, then the TDS + TCS limit for you is Rs50000.

You see, the CBDT added first 4 categories through its April 21 2022 notification.

Income tax Act provisions already expressly mention Categories 5 through 7.