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The Central Board of Direct Taxes issues the Income-tax (Ninth Amendment) Rules, 2022 to specify conditions for furnishing a return of income under section 139. The rules apply to persons referred to in clause (b) of sub-section (1) of section 139. A person must furnish a return if business sales exceed sixty lakh rupees, professional gross receipts exceed ten lakh rupees, tax deducted or collected totals twenty-five thousand rupees or more, or savings bank deposits total fifty lakh rupees or more during the previous year. For resident individuals aged sixty years or more, the tax deduction or collection threshold is fifty thousand rupees.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st April, 2022 G.S.R. 307(E).—In exercise of the powers conferred by clause (iv) of the seventh proviso to sub- section (1) of section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-
Provided that in the case of an individual resident in India who is of the age of sixty years or more, at any time during the relevant previous year, the provision of clause (iii) shall have effect as if for the words “twenty-five thousand”, the words “fifty thousand” had been substituted.'. [Notification No. 37/2022/F.No. 370142/01/2020-TPL(Part1)] SHEFALI SINGH, Under Secy. Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II Section-3, Sub Section (ii) vide number S.O. 969(E), dated the 26th March, 1962 and were last amended vide notification No. G.S.R. 275(E), dated the 06th April, 2022.
