Indore: ITR mandatory if saving a/c has transactions more than Rs 50L

Indore (Madhya Pradesh): Chartered accountant Deepak Maheshwari has said that if a person has done transactions of more than 50 lakhs from his savings account last year, then it will become mandatory to file income tax return (ITR).

Maheshwari said it while addressing a programme organised by the Indore CA branch of ICAI to discuss the changes in Income Tax Return and the circular issued by CBDT in Section 194R of Income Tax.

Maheshwari said that the Income Tax department is constantly focusing on removing the shortcomings of the website, processing the returns very quickly and nowadays the refund is credited to the bank account in one and a half months. In such a situation, the correct information should be sent to the government through the return.

It will also be mandatory for the trader to file his income tax returns, which has a turnover of more than 60 lakhs in the previous year.

He further told that if a person has not filed the returns of the previous year, then he can file his Income Tax Returns through updated returns, for which maximum tax may have to be paid up to 50%.

The second speaker Girdhar Garg said that if any incentives such as gold coins, gifts or any travel has been made for the business, then the trader may have to pay tax on it.

CA Indore Branch chairman Anand Jain said in his welcome address that this year the date of ITR which is 31st July is unlikely to be extended because on 1st April 2022 itself, ITR forms related to financial year 21-22 was notified by the government.

Jain said that now the time has come when we should focus on disciplining the taxpayer. The way there is a penalty on compliance in income tax and even a slight delay can result in a huge penalty for the taxpayer, in such a situation, the role of chartered accountant has becomes very important.