Individual IT
This query is : Resolved
01 October 2020
Dear Sir,
What is Seventh proviso to section 139(1)?? a salaried person amounting to Rs. 450000/- need to file 'Yes' or 'No' while filing IT Return. Please explain....
What is Seventh proviso to section 139(1)?? a salaried person amounting to Rs. 450000/- need to file 'Yes' or 'No' while filing IT Return. Please explain....
01 October 2020
The following seventh proviso to section 139(1) is enacted into law in the following manner-
Provided also that a person referred to in clause (b), who is not required to furnish a return under this sub-section, and who during the previous year—
(i) has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or
(ii) has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or
(iii) has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or
(iv) fulfils such other conditions as may be prescribed,
shall furnish a return of his income on or before the due date in such form and verified in such manner and setting forth such other particulars, as may be prescribed.
In the above case income is more than 2.50 lacs basic exemption limit hence ITR need to be filed.
The following seventh proviso to section 139(1) is enacted into law in the following manner-
Provided also that a person referred to in clause (b), who is not required to furnish a return under this sub-section, and who during the previous year—
(i) has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or
(ii) has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or
(iii) has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or
(iv) fulfils such other conditions as may be prescribed,
shall furnish a return of his income on or before the due date in such form and verified in such manner and setting forth such other particulars, as may be prescribed.
In the above case income is more than 2.50 lacs basic exemption limit hence ITR need to be filed.
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