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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 ...
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.
Aug 8, 2023 · Filing an ITR after the due date can have serious consequences, such as late filing fees, loss of carry-forward benefits, delayed refunds, interest on outstanding tax liability, penalty, and criminal prosecution. It is important to understand these consequences and to take steps to avoid them. Published by. Savan Patel.
May 22, 2020 · Section 139: Appointment of Auditors. Sec 139 of the Companies Act 2013 provides that every company shall appoint an individual or firm (including LLP) as an auditor of the company. Appointment of an auditor is subject to the Board of directors and members of the company at AGM or EGM. This section specifies the manner in which a first or ...
Jul 6, 2024 · Anyone who has filed an original ITR under Section 139(1) of the Income Tax Act, 1961, is allowed to file a revised return under Section 139(5) if needed. What is Belated income tax return? Belated income tax return is a tax return filed after the original due date specified by the Income Tax Department.
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 ...
Nov 22, 2023 · Sec 139 (1) Sec 139 of the Companies Act 2013 provides that every company shall appoint an individual or firm as an auditor of the company at the first AGM. The person so appointed shall hold the office from the conclusion of the AGM in which he was appointed till the conclusion of the sixth AGM. Although the auditor will hold the period for a ...
Jan 25, 2013 · 25 January 2013 139 (1) prescribes the due dates for different persons. In case the return is filed on or before such prescribed due date, it is treated as filed U/s 139 (1). As the due dates have been passed, your return will be treated as belated return U/s 139 (4). 25 January 2013 You should file the belated return under section 139 (4).
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
Apr 8, 2023 · 139 (1) or. 139 (4) or. 139 (5) (c) results in refund or increases the refund due on the basis of return furnished under under Section. 139 (1) or. 139 (4) or. 139 (5) of such person under this Act for the relevant assessment year: Provided further that a person shall not be eligible to furnish an updated return under this sub-section (in case ...
