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SEC 139(1) AND ITS FIRST PROVISO

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1 Points Joined April 2021
please can anyone explain it to me in easy way
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On 05 June 2021 at 21:35 Report
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791 Points Joined October 2019
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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On 05 June 2021 at 22:27
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UNEMPLOYED
80 Points Joined March 2009
Yes u r right
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On 06 June 2021 at 00:50
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Chartered Accountant
24588 Points Joined November 2019
Under which act??
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On 06 June 2021 at 05:50
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Profession Business
28196 Points Joined May 2017
Income Tax Act 1961
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On 06 June 2021 at 07:48
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146 Points Joined May 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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On 06 June 2021 at 08:15
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Profession Business
28196 Points Joined May 2017
The query string
is not explicit.
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On 06 June 2021 at 08:44
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tax consultant
3306 Points Joined October 2018
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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On 06 June 2021 at 12:02
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online

Learner
2398 Points Joined May 2019
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.
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On 06 June 2021 at 12:55
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Profession Business
28196 Points Joined May 2017
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.
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On 06 June 2021 at 15:16
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Chartered Accountant
24588 Points Joined November 2019

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

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On 06 June 2021 at 16:14
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Profession Business
28196 Points Joined May 2017
Companies Act has different provisions and Income tax act has different.
I know the provisions of companies act 2013.
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On 06 June 2021 at 16:20
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Chartered Accountant
24588 Points Joined November 2019
But query is raised by Subhangi, so she should clear which section she wants to referred??
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On 07 June 2021 at 09:18
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tax consultant
3306 Points Joined October 2018
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.
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On 07 June 2021 at 09:38

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