PLEASE EXPLAIN THE DETAILS OF SEVENTH PROVISION OF SECTION139(1) REQUIRED TO FURNISH RETURN OF INCOME WHILEILING E RETURN. I AM A RETIRED BANK PENSIONER. WHETHER I HAVE TO FURNISH DETAILS I HAVE TAXABLE INCOME NOT EXCEEDING RUPEES FIVE LACS
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E FILING SEVENTH PROVISION OF SEC 139(1)
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Quick Summary
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. Deposit of Rs. 1 crore or more in current accounts
2. Expenditure on foreign travel for more than Rs. 2 Lakh
3. Expenditure on the consumption of electricity for more than Rs. 1 Lakh
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.
It's based on basic exemption limit i. e. 250000/-, 300000/-&500000/- According to respective age
1. Deposit of Rs. 1 crore or more in current accounts
2. Expenditure on foreign travel for more than Rs. 2 Lakh
3. Expenditure on the consumption of electricity for more than Rs. 1 Lakh
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.
It's based on basic exemption limit i. e. 250000/-, 300000/-&500000/- According to respective age
Do we have to fill passport details if holding passport in ITR 1
Yes, you can
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