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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 7th Proviso to Section 139 (1) of the Income Tax Act, 1961 with effect from 1st April 2020.
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.
Jul 21, 2022 · The 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 shall be the following, namely: –
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-
conditions mentioned in the seventh proviso to section 139(1)] In case the return is being filed if any one or all of the below conditions are applicable although the total income before allowing deductions under Chapter VI-A of the Income-tax Act or deduction for capital gains (section 54 to 54GB) or exempt long
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.
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.
Jan 12, 2024 · The Seventh Proviso to Section 139 (1) of the Income Tax Act, 1961, is a rule added by the Finance Act, 2019, effective from April 1, 2020. This rule states that specific individuals must file an income tax return (ITR), even if their total income is below the basic exemption limit.
