Income-tax (Ninth Amendment) Rules, 2022

Apr 22, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Central Board of Direct Taxes (CBDT) on April 21, 2022 has issued The Income-tax (Ninth Amendment) Rules, 2022 to further amend The Income-tax Rules, 1962. This has come into force on April 21, 2022.

The following has been amended namely: -

• After Rule 12AA which specifies “Prescribed person for the purposes of clause (c) and clause (cd) of section 140.” The following rule has been inserted namely: -

“Conditions for furnishing return of income by persons referred to in clause (b) of sub-section (1) of section 139 - The conditions for furnishing return of income in respect of persons are: -

1. If his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year.

2. If his total gross receipts in profession exceeds ten lakh rupees during the previous year.

3. If the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more.

4. The deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year.

 

[Notification No. G.S.R. 307(E)]


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