Income Tax Pay Update: Such norms include deposits of Rs 1 crore or more in the current account, expenditure of more than Rs 2 lakh for foreign travel or Rs 1 lakh for electricity consumption during the year.
The Center has expanded the scope of ITR filing to bring more people into the tax
database. According to the notification issued by the Ministry of Finance, now people with
higher income groups and income will have to file income tax return.
With the new changes, more people will be brought under the tax net. The new rules have come into effect from April 2022.
In addition, an individual whose savings bank account balance is Rs 50 lakh or more in a
financial year will also have to mandatorily file ITR, irrespective of his level of income.