M V Y & Associates, a Leading Chartered Accountants firm

As per the latest update, in ANY of following cases return filing becomes MANDATORY:

·       If Gross Total Income (GTI) exceeds Rs. 2,50,000. However, For Senior Citizens (age 60 or more), Rs. 3 Lacs AND for Super Senior citizen (age 80 or more), Rs. 5 Lacs shall be seen.

·      If Turnover of your business is more than Rs. 60 lakh in previous financial year

·        Professional Receipts Exceeds Rs. 10 Lacs

·       Total TDS and/or TCS Amount is Rs. 25,000 or more

·       Total deposits in one or more saving accounts are Rs. 50 lacs or more

·       Total deposits in one or more Current account is Rs. 1 Crore or more

·        Total Foreign Travel Expenses during the Previous year exceeds Rs. 2 Lacs

·        Total Electricity Expenses during the Previous year exceeds Rs. 1 Lacs

·       If you have assets/ Bank Accounts outside India.

NOTE: In some other case, Like Income Tax Refund claim, Carry forward of losses, to apply for Bank Loan or VISA, return filing becomes necessary.

(This Blog is for information purpose only and cannot be used as alternative to any bare act or for any legal use) 

Last Date to File ITR for Audit and Non Audit Cases is 31st December,2022 with Late Fees

File your IT Return for FY 2021-22 within due date and avoid last moment rush

The filing Income Tax Return (ITR) for the Financial Year 2021-22 is necessary upto 31.12.2022 Else you would not be able to file ITR even after paying Fine / Penalty etc except the option of Update Return 139(8A), so file your Income Tax Return (ITR) with the following documents and be a Proud Taxpayer and be a partner in Nation Building...

Send following Documents for ITR Filing 01/04/2021 to 31/03/2022:-

·       Form 16A & 16B from all Employers where you worked in above period.

·       LIC, Tuition Fee Receipts for 80C.

·       Investment Information for Section 80C:- Mutual Fund, Mediclaim, FD etc

·       Previous ITR Filed ITR Copy, Permanent Email ID, Permanent Mobile No., Permanent Address with Pin Code

·       Previous ITR Filed Computation Copy

·       Information related to the property purchased and sold.

·       Home Loan Interest Certificate for above period.

·       Other income like rental income.

·       Bank interest certificates (Can be taken from Internet Banking Login)

If you Are Self Employed/ Freelancer as well Then:-

·       Bank statement;- Current Account, Savings Account in excel or CSV Format, less preferable PDF Format

·       Your GST No. and GST Turnover Details etc

·       Other business income.

If You are dealing in Shares/ Mutual Funds etc Then:-

·       Capital Gain Statement for above period

·       Stock holding Statement as on 31.03.2021

·       Stock holding Statement as on 31.03.2022

·       Profit And Loss Statement for above period

Note:- Send us all documents at email id:- mandeep@mandeepca.com, or less preferable at whatsapp 98141-90610