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of <h1>Income Return Required for Businesses with High Receipts or Savings Under Section 139 Notification No. 37/2022</h1> Persons under clause (b) of sub-section (1) of section 139 must file an income return if their business sales, turnover, or gross receipts exceed sixty lakh rupees, or if professional gross receipts exceed ten lakh rupees during the previous year. Additionally, if the aggregate tax deducted or collected at source is twenty-five thousand rupees or more, or if deposits in savings accounts total fifty lakh rupees or more, a return is required. For individuals aged sixty or older, the tax threshold is fifty thousand rupees. These conditions were established by Notification No. 37/2022 on April 21, 2022.
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