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Jul 22, 2024 · Seventh Proviso to Section 139(1) of the Income Tax Act, 1961, added with effective from 1st April 2020. It mandates that certain individuals must file an income tax return even if their total income is below the basic exemption limit and have engaged in specific high-value transactions.
Oct 3, 2020 · The seventh proviso to section 139(1) has been inserted after the sixth proviso, and before the Explanation 1 to Finance (No. 2) Act, 2019 with effect from 1st April 2020. There are various provisions related to ‘Voluntary and Mandatory Returns’ Under Section 139 Returns of Income, and it prescribes the due date of filing of return of income with certain exceptions.
Jun 2, 2020 · The seventh proviso of section 139(1) covers those individuals - (a) who have deposited more than Rs 1 crore in one or more current accounts in the FY 2019-20, (b) who have spent more than Rs 2 lakh on foreign travel on him/herself or any other person and (c) those who have paid more than Rs 1 lakh as electricity bill in FY 2019-20.
Sep 15, 2020 · [Note: To be filled only if a persion is not required to furnish a return of income under section 139(1) but filing return of income due to fufilling one or more conditions mentioned in the seventh proviso to section 139(1)] Please clarify. Thanks. Palani
Jun 21, 2023 · 1. If person is salaried employee and has income more than 12 Lakhs from Salary then First question would answer to no. ( As person required to file return in that case) 2. What is this other section is about ? ( Are you required to file a return as per other condition prescribed under caluse of seveth prvoiso to section 139(1) ?
Aug 24, 2020 · (2) If 2 lacs was spent from my husbands account would i qualify to file a return of income under Seventh proviso to section 139(1), (3) what if i has transferred Rs 2.5 lakhs to my husband's account who in turn spent it for the foreign family trip for 2 would i qualify to file a return of income under Seventh proviso to section 139(1), Thanks
Aug 8, 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.
Sep 23, 2020 · These amendments will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent years. The notified ITR Forms ITR-1 to ITR-5 for the assessment year 2020-21 contains information on the seventh proviso to section 139(1).
Jun 6, 2020 · If an assessee is required to file the return of income in the circumstances covered under the seventh proviso to Section 139(1), he is required to furnish the relevant details in ITR form, that is, amount deposited in the current account, the amount incurred on the foreign travel or amount paid toward electricity bill.
Jan 24, 2023 · A person received FD interest of 45000 and he will submit the form 15G. Now TDS will be deducted or not? Because as per the seventh proviso to section 139(1), if tds deducted is 25000 or more, a person is required to file the return.
