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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.
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.
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 —
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 · Filing income tax returns under 7th Proviso to Section 139 (1) of the Income Tax Act, 1961 is not applicable for a company or a firm, as they are not covered under clause (b) of section 139 (1). What are the High-Value Transactions Covered under 7th Proviso to Section 139 (1) of the Income Tax Act, 1961?
under section 139(1) but filing return of income due to fulfilling one or more 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
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.
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-
Are you filing return of income under Seventh proviso to section 139(1) but otherwise not required to furnish return of income? If yes, please furnish following information [Note: To be filled only if a person is not required to furnish a return
Jan 12, 2024 · Seventh Proviso to Section 139 (1) of Income Tax Act (ITA) covers the organisations and individuals falling under the taxable limit required to file Income tax return (ITR) due to high-value transactions.
