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- 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.
www.99acres.com/articles/seventh-proviso-to-section-1391-of-ita.htmlSeventh Proviso to Section 139(1) of ITA: Income Tax on High ...
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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.
e tax subject to a maximum of Rs. 12,500/-. In the new tax regime, the rebate is increased to Rs. 25,000/- or 100 percent of income tax where the. otal income does not exceed Rs. 7,00,000/-.10) While filing ITR for FY 2023-24 (AY 2024-25), I want to opt for the old tax regime instead of the default new tax regime, should I file Form 10-IE.
- What Is The Seventh Proviso to Section 139(1)?
- What Is Section 139(1) of The Income Tax Act?
- Filing of Income Tax Return as Per The Seventh Proviso to Section 139
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. Return filing would be mandatory now even though the person is entitled to exemption from taxes due to the basic exemption limit in total income, subject t...
Section 139(1) prescribed the requirement to furnish the return of income. It makes filing of ITR mandatory for a certain class of person which is as under- 1. Company or a firm; 2. A person other than a company or a firm, if his total income during the previous year exceeded the maximum limit not chargeable to income-tax which is Rs 2,50,000. Unde...
In Union Budget 2019, Finance Minister has announced for compulsory filing of return for persons who undertake certain high-value transactions during a financial year, like
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.
ITR-7 Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
