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SEC 139(1) AND ITS FIRST PROVISO

Shubhangi Negi (1 Points)

05 June 2021

please can anyone explain it to me in easy way

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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.

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geeta (UNEMPLOYED) (80 Points)
Replied 06 June 2021

Yes u r right

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 06 June 2021

Under which act??

sabyasachi mukherjee (27387 Points)
Replied 06 June 2021

Income Tax Act 1961

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.

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sabyasachi mukherjee (27387 Points)
Replied 06 June 2021

The query string
is not explicit.

veerendar singh (tax consultant) (3301 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.

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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 (27387 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.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 06 June 2021

I think query is about appointment of subsequent auditors and auditors under companies act 2013

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sabyasachi mukherjee (27387 Points)
Replied 06 June 2021

Companies Act has different provisions and Income tax act has different.
I know the provisions of companies act 2013.

CA. Sourav Sarkar (Chartered Accountant ) (24583 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) (3301 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.