Seventh Proviso to Sec 139(1)

As per the Seventh Proviso to Section 139(1) (inserted by Finance Act, 2019 and effective from AY 2020-21):

Even if a person is not otherwise required to file a return of income (i.e., income is below the exemption limit), they must file a return if during the previous year they have:

1. Deposited ₹1 crore or more in one or more current accounts with a bank or cooperative bank;

2. Incurred expenditure of ₹2 lakh or more on foreign travel for self or any other person;

3. Incurred expenditure of ₹1 lakh or more on electricity consumption;

4. Other prescribed conditions (added later via Rules, e.g., owning a motor vehicle, house property in foreign country, etc.).

If you have incurred any such high value transaction in the year select Yes..... Otherwise No.

@ Dhirajlal Rambhia

Dhirajlal Ji, Namaskar.

Your guidance is succinct and precise, always.

Warm Regards

 Thank you....     

Sir, 

Do i need to tick Yes, if my final tax liability is Rs 2,50,000/- ?

No. 

You are filing return because your income is more than basic exemption limit.