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(1) Every person,— being a company or a firm; or being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a ...
Jan 24, 2024 · 1) Section 139 (1) – Mandatory and Voluntary Returns. Under Section 139 (1), in the following cases the filing of Income Tax Return is Mandatory: Every person who has a total income that exceeds the exemption limit is liable to furnish Income Tax Return within the due date.
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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.
The return of income must be filed in a prescribed form/specified computer readable media and verified in the prescribed manner, on or before the due date mentioned in Explanation 2 to section 139 (1), which is as under: (a) where the assessee (other than an assessee referred to in clause (b) below) is—. Due date of furnishing the return of ...
Oct 22, 2024 · Section 139 (1) of the Income Tax Act deals with the mandatory return policies while filing the Income Tax Return. The following entities are to file their tax return: Every person with a total income that exceeds the exemption limit has to furnish the income tax return within the defined due date.
Oct 3, 2020 · 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.
139. Return of income. 139. (1) Every person,— being a company [or a firm]; or. being a person other than a company [or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,
Mar 19, 2023 · Section 139 (1) of the Income Tax Act states that every person whose total income during the previous year exceeds the basic exemption limit must file an income tax return. The basic exemption limit refers to the minimum income level below which no tax is payable.
Jan 4, 1991 · Return of income. (1) Every person,— (a) being a company or a firm; or. (b) being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,
