SEC 139(1) AND ITS FIRST PROVISO
Shubhangi Negi (1 Points)
05 June 2021
please can anyone explain it to me in easy way
13 Replies
Deepak Kumar
(791 Points)
Replied 05 June 2021
Every person who has a total income that exceeds the exemption limit is liable to furnish Income Tax Return within the due date. Any private, public, domestic or foreign country located and/or doing business in India.
AKN FINANCIALSERVICES
(146 Points)
Replied 06 June 2021
Section 139(1) of IT act 1961, provides for filing of return of income and prescribes the due date of filing of return of income.
139(1) of companies act provides talk about the appointment of auditor in AGM.
139(1) of companies act provides talk about the appointment of auditor in AGM.
veerendar singh
(tax consultant)
(3306 Points)
Replied 06 June 2021
139(1) gives relexation to low income earners from filing of return.
however first proviso makes it mandatory even for those low income earners who are falling in any of the creteria laid down under first proviso.
however first proviso makes it mandatory even for those low income earners who are falling in any of the creteria laid down under first proviso.
Sivaramaraju G
(Learner)
(2398 Points)
Replied 06 June 2021
As per first proviso even though your income is below exemption limit if you satisfy any of the conditions mentioned under first proviso to 139(1) still you are liable to file ITR.
sabyasachi mukherjee
(27740 Points)
Replied 06 June 2021
Applying for a pan no. is obligatory.
BUT SEC 139 (1) SEPERATELY SPECIFIES THE FOLLOWING :
1. holds any asset (including financial interest in any entity) located outside Indian.
2. IF his income exceeds the threshold exemption limit.
BUT SEC 139 (1) SEPERATELY SPECIFIES THE FOLLOWING :
1. holds any asset (including financial interest in any entity) located outside Indian.
2. IF his income exceeds the threshold exemption limit.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 06 June 2021
I think query is about appointment of subsequent auditors and auditors under companies act 2013
sabyasachi mukherjee
(27740 Points)
Replied 06 June 2021
Companies Act has different provisions and Income tax act has different.
I know the provisions of companies act 2013.
I know the provisions of companies act 2013.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 07 June 2021
But query is raised by Subhangi, so she should clear which section she wants to referred??
veerendar singh
(tax consultant)
(3306 Points)
Replied 07 June 2021
Subhangi never gave any response to any of our comments.
this forum is dedicated to queries on income tax so it would not be logical to think that she is asking about auditor's appointment under companies act.
this forum is dedicated to queries on income tax so it would not be logical to think that she is asking about auditor's appointment under companies act.
Recent Topics
- HSN Summary B2B and B2C
- DRC-01 Demand Notice for filing GSTR-9 Wrongly
- Income Tax for freelancing services
- Income Tax Return Filing Reg
- DRC 03 payment method
- GST Registration for Service Providers
- Tax for individual freelancing service providers
- LUT Number confusion! ARN or Reference Number
- Section 44ADA Query - 75 Lakh Limit Clarification
- GST on Rent RCM
Related Threads
CAclubindia
