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Jul 22, 2024 · By Ayushi Dixit / July 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 ...
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. Upgrade to ...
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 · ITR 1 For AY 2023-24 and Seventh Proviso to Section 139 (1) spatel (Engineer) (41 Points) 21 June 2023. Please look at the above image. 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)
Aug 24, 2020 · Fileing return of income under Seventh proviso to section 139 (1), Sanjit (not applicable) (119 Points) 24 August 2020. If i am a non-working housewife earning interest on SB FDs of Rs 75,000 in total (far below the taxable limit of Rs 2,50,000) but i have undertaken a pleasure trip to Europe in the last financial year where more more than 2 ...
Sep 23, 2020 · Under the seventh proviso to Section 139 (1) of the Income Tax Act, 1961, even if the income is below the exempted limit, a person will have to file ITR in case he or she meets any one of the following criteria: ( i) has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a ...
Aug 8, 2020 · 1. Deposit of Rs. 1 crore or more in current accounts. 2. Expenditure on foreign travel for more than Rs. 2 Lakh. 3. Expenditure on the consumption of electricity for more than Rs. 1 Lakh. Finance Act, 2019 has inserted a new seventh proviso to section 139 (1) to provide for mandatory filing of return of income for undertaking certain high ...
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 what s your opinion - Income Tax
