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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- REGARDING ITR FILING QUESTION
- DUE DATE FOR ITR FILING
- Sale of Mutual Funds In Diffirent Financial Years
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- GST ISD Query on various AMCs
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
