Proviso to section 139(1)

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Querist : Anonymous

Querist : Anonymous (Querist)

31 December 2013 Is the proviso to section 139(1)- 'if an assessee is in occupation of an immovable property exceeding a specified floor area then he is required to file a return of income' applicable for AY 2013-2014?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 December 2013 No need to file because the scheme was up to assessment year 2005-06.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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31 December 2013 yes he is required to file the return. There is this misconception among assessees and the consultants that if there is no taxable income, then no need to file return. We often forget this proviso!!

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Querist : Anonymous

Querist : Anonymous (Querist)

31 December 2013 But sir the section states that 'shall furnish a return, of his income during any previous year ending before the 1st day of April, 2005'
so is it still applicable for AY 13-14

Nikhil Kaushik

Nikhil Kaushik (Expert)
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31 December 2013 I am sorry for my earlier comment was wrong.

You need to follow Warrier sir's view. Wont be applicable after AY 2005-06.

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