20 July 2020
In ITR a new column regarding 7th proviso of section 139(1), if a assessee income below 2.50 lac but TDS deducted, then new column regarding 7th proviso will be yes or no and other regarding (i) cash deposit in C/A more than 1 crore (ii) foreign expenditure more than 2 lac (iii) Electricity bill payment more than one lac all three are no.
20 July 2020
* Return filing per 7th proviso -- No.
* (i) , (ii) and (iii) -- No.
Ps:- If more than one crore deposited in bank or more than two laks spent for travel or more than one lakh spent for electricity, then
* Return filing per 7th proviso -- Yes and
* (i) , (ii) and (iii) -- Yes/No as the case may be if you have deposited or spent for travel and electricity exceeding two crores, two lakhs and 1 lakh respectively.
CAclubindia
