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SEC 139(1) AND ITS FIRST PROVISO
please can anyone explain it to me in easy way
Replies (13)
Quick Summary
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.
Yes u r right
Under which act??
Income Tax Act 1961
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.
The query string
is not explicit.
is not explicit.
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.
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.
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.
I think query is about appointment of subsequent auditors and auditors under companies act 2013
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.
But query is raised by Subhangi, so she should clear which section she wants to referred??
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.
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