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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.
Oct 3, 2020 · What is the Seventh proviso to section 139 (1)? 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.
Jun 23, 2020 · 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-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit.
Apr 22, 2022 · In case a person is otherwise required to file a return of income under section 139(1) due to the reason that his total income exceeds the basic exemption limit is not covered by these 7 conditions as specified in the seventh proviso to section 139(1).
