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Nov 28, 2020 · Learn about the mandatory income tax return under Seventh Proviso to Section 139 (1) of the Income Tax Act, 1961. Understand the high-value transactions that require filing an ITR.
Jun 23, 2020 · The seventh proviso to section 139 (1) provides for furnishing of return by a person referred to in clause (b) of the said sub-section (1), who is not required to furnish a return under the said sub-section, if such person has undertaken the following high value transactions during the previous year —. 1.
Feb 19, 2022 · Section 139 (1) needs you to furnish a return of income in the prescribed form and manner. However, The Finance (No. 2) Act, 2019 has now inserted a new 7 th Proviso to Section 139 (1) of the Income Tax Act, 1961 with effect from 1 st April 2020.
Oct 3, 2020 · What is the Seventh proviso to section 139(1)? The Finance (No. 2) Act, 2019 amendment with the Seventh Proviso to Section 139(1) mandates to file the return of income for a person undertaking certain high-value transactions or expenditures.
The seventh proviso to section 139 (1) provides for furnishing of return by a person referred to in clause (b) of the said sub-section (1), who is not required to furnish a return under the said sub-section, if such person has undertaken the following high value transactions during the previous year —. 1.
Apr 1, 2020 · The Finance Act, 2019 has amended section 139 (1) of the Income-tax Act, effective from April 1, 2020, by inserting seventh proviso. The new proviso requires certain individuals to mandatorily file their income tax returns, even if they were previously not required to do so under the Income Tax Act/Rules.
Dec 10, 2023 · According to the 7th Proviso to Section 139 (1), a certain class of people carrying out high-value transactions during the financial year is mandated to file the ITR even though their total income may be below the basic exemption limit.
Apr 22, 2022 · The notification prescribes the following four additional 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 of the Act-
Are you required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1) (If yes, please select the relevant condition from the drop-down menu)
Tax filing for professionals. Tax filing for traders. Launch your business. Services for businesses. Trademark. TDS returns. section 139 return of income income tax act 1961 1964.
