Currently, a person is required to file a tax return only if his total income exceeds maximum amount not chargeable to tax subject to certain exceptions.
Union Budget 2019,has proposed to make Income Tax Return filing compulsory for persons-
- Depositing over Rs. 1 crore in a current account in a year or,
- Spend over Rs. 2 laks on foreign travel or,
- Have an annual electricity bill of More than Rs. 1 Lakh or,
- claiming capital gains tax exemption u/s 54 on investment in house etc
These changes will apply from the current financial year onwards once the budget proposals are passed by Parliament.