ITR Filing Mandatory if TDS/TCS Rs.25000 or More

Seep Gupta
Seep Gupta at April 29, 2022

As per the income tax notification dated 21st April 2022, the Central Board of Direct Taxes has made Income Tax Return filing compulsory for a person other than the firm, company or an organisation whose TDS (Tax Deducted at Source) during the previous year is 25,000 rs or more than it. Earlier, filing for the ITR was not mandatory or compulsory.

Rules and Regulations related to Income Tax Return Filing

According to the Income Tax Act, a person or an individual other than the company, firm or an organisation has to file an Income Tax return if his total income or the total income of any individual in respect of which he is assessable under this Act during the previous year exceeded the amount which is not chargeable to income tax slab. These individuals are therefore mandatorily required to file Income Tax Return.

New Provisions according to the Central Board of Direct Taxes

To claim credit of TDS (Tax Deducted at Source) or TCS, filing of income tax return is mandatory or compulsory. Earlier the filing of Income Tax Return was not mandatory if the TDS has been deducted or collected earlier. But the central board of direct taxes has made ITR filing mandatory now.

Now, according to the new provisions, if an individual’s aggregate tax deducted at source during the previous year’s assessment is twenty-five thousand rupees (Rs. 25,000) or more, the person is supposed to file Income Tax Returns even if that person’s taxable income is less than the maximum amount which is not chargeable to income tax under the Income Tax Act.

However, this rule is different for senior citizens. For senior citizens, the limit is fifty-thousand rupees (50,000 Rs.).

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