Income-tax (Ninth Amendment) Rules, 2022 (Insertion of Rule 12AB)

Section 139: Clause (b) of sub-section (1) of Section 139 of the Income Tax Act, deals with the
filing of return of income which states that every person, other than company or firm shall on or
before the due date, furnish a return of income where total income of such person in the relevant
previous year has exceeded the maximum amount which is not chargeable to tax.

Amendment: Rule 12AB is hereby being inserted through the amendment.

Rule 12AB: Conditions for furnishing return of income by persons referred to in clause (b) of sub-section (1) of section 139

The conditions for furnishing return of income in respect of persons referred to in clause (b) of sub-section (1) of section 139 in terms of clause (iv) of the seventh proviso to sub-section (1) of section 139 shall be the following, namely: –

• If his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or
• If his total gross receipts in profession exceeds ten lakh rupees during the previous year; or
• If the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; or
• The deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year.

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

Virendra Vikram, Tax Associate, SW India