Tax experts say this will ensure people who have the ability to incur large expenses do not escape paying taxes
Seeking to expand the taxpayer base, the government has widened the scope for filing returns even if a person’s income is below the taxable limit.
The new rules cover those whose aggregate tax deducted at source (TDS) or tax collected at source (TCS) during a fiscal year is Rs 25,000 or more. In the case of senior citizens, the aggregate of Rs 50,000 will apply.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns, according to government sources.
The move will
First Published: Apr 22 2022 | 9:14 PM IST