{"id":2637,"date":"2025-08-12T13:20:57","date_gmt":"2025-08-12T07:50:57","guid":{"rendered":"https:\/\/www.caclubindia.com\/guide\/?p=2637"},"modified":"2025-08-12T13:23:38","modified_gmt":"2025-08-12T07:53:38","slug":"what-is-contra-entry","status":"publish","type":"post","link":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/","title":{"rendered":"What is Contra Entry: Is Reporting Mandatory For Senior Citizens?"},"content":{"rendered":"\n<p>Self contra entries refer to transferring your own money from one bank account to another account. This includes transfers between:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Savings bank accounts<\/li>\n\n\n\n<li>Current account to savings account<\/li>\n\n\n\n<li>Post office account to savings account<\/li>\n\n\n\n<li>Demat account transfers<\/li>\n\n\n\n<li>UPI transactions to savings accounts<\/li>\n\n\n\n<li>Digital wallet to savings accounts<\/li>\n\n\n\n<li>Online gaming app withdrawals<\/li>\n\n\n\n<li>Cash back or reward<\/li>\n\n\n\n<li>Automatic transfer of funds from fixed deposit back into a linked saving account when the saving account falls below a predetermined threshold. It&#8217;s like Auto-Sweep Facility.<\/li>\n<\/ul>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\r\n<div class=\"ez-toc-title-container\">\r\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\r\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\r\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#Is_it_Mandatory_to_File_ITR_due_Contra_Entry\" >Is it Mandatory to File ITR due Contra Entry?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#Mandatory_ITR_Under_Section_1391_Seventh_Proviso\" >Mandatory ITR Under Section 139(1) Seventh Proviso<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#Where_to_Report_in_ITR\" >Where to Report in ITR ?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#Original_Three_Conditions\" >Original Three Conditions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#Prescribed_Conditions\" >Prescribed Conditions<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_it_Mandatory_to_File_ITR_due_Contra_Entry\"><\/span>Is it Mandatory to File ITR due Contra Entry?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yes, it becomes mandatory when the aggregate deposits in one or more savings bank accounts during a financial year exceeds Rs.50 lakh, you must report them in ITR, even if your income is below the basic exemption limit.This applies to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Credit side entries only (deposits, not withdrawals)<\/li>\n\n\n\n<li>Single or multiple savings bank accounts combined<\/li>\n\n\n\n<li>All types of individuals including senior citizens, super senior citizens and specified senior citizens.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mandatory_ITR_Under_Section_1391_Seventh_Proviso\"><\/span>Mandatory ITR Under Section 139(1) Seventh Proviso<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Section 139(1) Seventh Proviso of the Income Tax Act specifies various conditions requiring mandatory ITR filing even if income is below basic exemption limits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_to_Report_in_ITR\"><\/span>Where to Report in ITR ?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Step 1:<\/strong> In the questionnaire at the start of the ITR form, select \u201c<strong>Yes<\/strong>\u201d for &#8220;<strong>Are you filing return of income under seventh proviso but otherwise not required to furnish return of income?<\/strong>&#8220;. Select as per the original three conditions or the prescribed conditions<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Original_Three_Conditions\"><\/span>Original Three Conditions <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Transaction Type<\/strong><\/td><td><strong>Threshold Amount<\/strong><\/td><td><strong>Applicability<\/strong><\/td><\/tr><tr><td>Current account deposits<\/td><td>Rs.1 crore<\/td><td>Annual aggregate<\/td><\/tr><tr><td>Foreign travel expenses<\/td><td>Rs.2 lakhs<\/td><td>Self or relatives<\/td><\/tr><tr><td>Electricity bill payments<\/td><td>Rs.1 lakh<\/td><td>Annual total<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Step 2:<\/strong> If filing is due to the Rs.50 lakh deposits rule then select &#8220;<strong>yes<\/strong>&#8221; from &#8220;<strong>Are you required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1)<\/strong>&#8220;. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prescribed_Conditions\"><\/span>Prescribed Conditions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Transaction Type<\/strong><\/td><td><strong>Threshold Amount<\/strong><\/td><td><strong>Applicability<\/strong><\/td><\/tr><tr><td>Business turnover<\/td><td>Rs.60 lakhs<\/td><td>During previous year<\/td><\/tr><tr><td>Professional receipts<\/td><td>Rs.10 lakhs<\/td><td>During previous year<\/td><\/tr><tr><td>TDS\/TCS deducted for non-senior citizens<\/td><td>Rs.25,000<\/td><td>During previous year<\/td><\/tr><tr><td>TDS\/TCS deducted for senior citizens<\/td><td>Rs.50,000<\/td><td>During previous year<\/td><\/tr><tr><td>Savings bank deposits<\/td><td>Rs.50 lakhs<\/td><td>Aggregate in one or more accounts<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Note: <\/strong>Senior citizens age above 75 are normally exempted from filing but must file ITR if savings account deposits exceeds Rs.50 lakh.<\/p>\n\n\n\n<p><strong>Step 3: <\/strong>Enter the exact deposit amount in <strong>&#8220;If his total deposits in a savings bank account is fifty lakh rupees or more in the previous year&#8221;<\/strong> (e.g., Rs.65 lakhs if is the total deposit amount).<\/p>\n\n\n\n<p>Even with mandatory filing, actual income must be reported under appropriate heads:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Salary: <\/strong>Employment income<\/li>\n\n\n\n<li><strong>House Property: <\/strong>Rental income<\/li>\n\n\n\n<li><strong>PGBP: <\/strong>Business income<\/li>\n\n\n\n<li><strong>Capital Gains: <\/strong>Share market profits<\/li>\n\n\n\n<li><strong>Other Sources: <\/strong>Dividends, gaming income, cashbacks, interest<\/li>\n<\/ul>\n\n\n\n<p>In most cases it may result in <strong>NIL<\/strong> tax liability if total income remains below basic exemption limits, but the return filing remains mandatory.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Taxpayers those who routinely transfer or deposit funds even when these involve only their own accounts\u2014must now track and report all credit-side entries across savings accounts to determine whether they exceed the threshold.<\/p>\n\n\n\n<p>Although many affected individual&#8217;s total income may remain below exemption limits), failure to disclose deposits surpassing Rs.50 lakhs will render their return noncompliant.<\/p>\n\n\n\n<p>Click here to know more about &#8211; <strong><a href=\"https:\/\/www.caclubindia.com\/articles\/self-transfers-and-contra-entries-in-itr-now-mandatory-if-you-have-50l-in-savings-53829.asp\">Self Transfers and Contra Entries in ITR Now Mandatory If You Have Rs 50L in Savings<\/a><\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Self contra entries refer to transferring your own money from one bank account to another account. This includes transfers between: [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>What is Contra Entry: Is Reporting Mandatory For Senior Citizens? - Tax Guide<\/title>\r\n<meta name=\"description\" content=\"Understand the Rs.50 lakh savings bank deposit rule under clause (iv) seventh proviso Section 139(1) and mandatory ITR filing requirements.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"What is Contra Entry: Is Reporting Mandatory For Senior Citizens? - Tax Guide\" \/>\r\n<meta property=\"og:description\" content=\"Understand the Rs.50 lakh savings bank deposit rule under clause (iv) seventh proviso Section 139(1) and mandatory ITR filing requirements.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Tax Guide\" \/>\r\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/caclubindia\" \/>\r\n<meta property=\"article:published_time\" content=\"2025-08-12T07:50:57+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2025-08-12T07:53:38+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/08\/What-is-Contra-Entry.png\" \/>\r\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\r\n\t<meta property=\"og:image:height\" content=\"630\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\r\n<meta name=\"author\" content=\"Ram Sharma\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:creator\" content=\"@caclubindia\" \/>\r\n<meta name=\"twitter:site\" content=\"@caclubindia\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ram Sharma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/\"},\"author\":{\"name\":\"Ram Sharma\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#\\\/schema\\\/person\\\/96b5cab03947b2dc45eb60ac3a8cdacd\"},\"headline\":\"What is Contra Entry: Is Reporting Mandatory For Senior Citizens?\",\"datePublished\":\"2025-08-12T07:50:57+00:00\",\"dateModified\":\"2025-08-12T07:53:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/\"},\"wordCount\":561,\"publisher\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/wp-content\\\/uploads\\\/2025\\\/08\\\/What-is-Contra-Entry.png\",\"articleSection\":[\"Income Tax\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/\",\"url\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/\",\"name\":\"What is Contra Entry: Is Reporting Mandatory For Senior Citizens? - Tax Guide\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/wp-content\\\/uploads\\\/2025\\\/08\\\/What-is-Contra-Entry.png\",\"datePublished\":\"2025-08-12T07:50:57+00:00\",\"dateModified\":\"2025-08-12T07:53:38+00:00\",\"description\":\"Understand the Rs.50 lakh savings bank deposit rule under clause (iv) seventh proviso Section 139(1) and mandatory ITR filing requirements.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/wp-content\\\/uploads\\\/2025\\\/08\\\/What-is-Contra-Entry.png\",\"contentUrl\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/wp-content\\\/uploads\\\/2025\\\/08\\\/What-is-Contra-Entry.png\",\"width\":1200,\"height\":630},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/what-is-contra-entry\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is Contra Entry: Is Reporting Mandatory For Senior Citizens?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#website\",\"url\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/\",\"name\":\"Tax Guide\",\"description\":\"All tax related info news and updates in one place.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#organization\",\"name\":\"CAclubindia\",\"url\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/cropped-icon-384x384-1.png\",\"contentUrl\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/cropped-icon-384x384-1.png\",\"width\":512,\"height\":512,\"caption\":\"CAclubindia\"},\"image\":{\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/caclubindia\",\"https:\\\/\\\/x.com\\\/caclubindia\",\"https:\\\/\\\/www.instagram.com\\\/caclubindia\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/caclubindia\\\/\",\"https:\\\/\\\/www.youtube.com\\\/caclubindia?sub_confirmation=1\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/#\\\/schema\\\/person\\\/96b5cab03947b2dc45eb60ac3a8cdacd\",\"name\":\"Ram Sharma\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cf5d44bd8d68d9d9aa2a1e2b40cdac941d69cd17a23bcc0bb394236f6d333496?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cf5d44bd8d68d9d9aa2a1e2b40cdac941d69cd17a23bcc0bb394236f6d333496?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cf5d44bd8d68d9d9aa2a1e2b40cdac941d69cd17a23bcc0bb394236f6d333496?s=96&d=mm&r=g\",\"caption\":\"Ram Sharma\"},\"url\":\"https:\\\/\\\/www.caclubindia.com\\\/guide\\\/author\\\/ramauthor\\\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is Contra Entry: Is Reporting Mandatory For Senior Citizens? - Tax Guide","description":"Understand the Rs.50 lakh savings bank deposit rule under clause (iv) seventh proviso Section 139(1) and mandatory ITR filing requirements.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/","og_locale":"en_US","og_type":"article","og_title":"What is Contra Entry: Is Reporting Mandatory For Senior Citizens? - Tax Guide","og_description":"Understand the Rs.50 lakh savings bank deposit rule under clause (iv) seventh proviso Section 139(1) and mandatory ITR filing requirements.","og_url":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/","og_site_name":"Tax Guide","article_publisher":"https:\/\/www.facebook.com\/caclubindia","article_published_time":"2025-08-12T07:50:57+00:00","article_modified_time":"2025-08-12T07:53:38+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/08\/What-is-Contra-Entry.png","type":"image\/png"}],"author":"Ram Sharma","twitter_card":"summary_large_image","twitter_creator":"@caclubindia","twitter_site":"@caclubindia","twitter_misc":{"Written by":"Ram Sharma","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#article","isPartOf":{"@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/"},"author":{"name":"Ram Sharma","@id":"https:\/\/www.caclubindia.com\/guide\/#\/schema\/person\/96b5cab03947b2dc45eb60ac3a8cdacd"},"headline":"What is Contra Entry: Is Reporting Mandatory For Senior Citizens?","datePublished":"2025-08-12T07:50:57+00:00","dateModified":"2025-08-12T07:53:38+00:00","mainEntityOfPage":{"@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/"},"wordCount":561,"publisher":{"@id":"https:\/\/www.caclubindia.com\/guide\/#organization"},"image":{"@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#primaryimage"},"thumbnailUrl":"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/08\/What-is-Contra-Entry.png","articleSection":["Income Tax"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/","url":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/","name":"What is Contra Entry: Is Reporting Mandatory For Senior Citizens? - Tax Guide","isPartOf":{"@id":"https:\/\/www.caclubindia.com\/guide\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#primaryimage"},"image":{"@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#primaryimage"},"thumbnailUrl":"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/08\/What-is-Contra-Entry.png","datePublished":"2025-08-12T07:50:57+00:00","dateModified":"2025-08-12T07:53:38+00:00","description":"Understand the Rs.50 lakh savings bank deposit rule under clause (iv) seventh proviso Section 139(1) and mandatory ITR filing requirements.","breadcrumb":{"@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#primaryimage","url":"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/08\/What-is-Contra-Entry.png","contentUrl":"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/08\/What-is-Contra-Entry.png","width":1200,"height":630},{"@type":"BreadcrumbList","@id":"https:\/\/www.caclubindia.com\/guide\/what-is-contra-entry\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.caclubindia.com\/guide\/"},{"@type":"ListItem","position":2,"name":"What is Contra Entry: Is Reporting Mandatory For Senior Citizens?"}]},{"@type":"WebSite","@id":"https:\/\/www.caclubindia.com\/guide\/#website","url":"https:\/\/www.caclubindia.com\/guide\/","name":"Tax Guide","description":"All tax related info news and updates in one place.","publisher":{"@id":"https:\/\/www.caclubindia.com\/guide\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.caclubindia.com\/guide\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.caclubindia.com\/guide\/#organization","name":"CAclubindia","url":"https:\/\/www.caclubindia.com\/guide\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.caclubindia.com\/guide\/#\/schema\/logo\/image\/","url":"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/05\/cropped-icon-384x384-1.png","contentUrl":"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/05\/cropped-icon-384x384-1.png","width":512,"height":512,"caption":"CAclubindia"},"image":{"@id":"https:\/\/www.caclubindia.com\/guide\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/caclubindia","https:\/\/x.com\/caclubindia","https:\/\/www.instagram.com\/caclubindia\/","https:\/\/www.linkedin.com\/company\/caclubindia\/","https:\/\/www.youtube.com\/caclubindia?sub_confirmation=1"]},{"@type":"Person","@id":"https:\/\/www.caclubindia.com\/guide\/#\/schema\/person\/96b5cab03947b2dc45eb60ac3a8cdacd","name":"Ram Sharma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/cf5d44bd8d68d9d9aa2a1e2b40cdac941d69cd17a23bcc0bb394236f6d333496?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/cf5d44bd8d68d9d9aa2a1e2b40cdac941d69cd17a23bcc0bb394236f6d333496?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/cf5d44bd8d68d9d9aa2a1e2b40cdac941d69cd17a23bcc0bb394236f6d333496?s=96&d=mm&r=g","caption":"Ram Sharma"},"url":"https:\/\/www.caclubindia.com\/guide\/author\/ramauthor\/"}]}},"_links":{"self":[{"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/posts\/2637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/comments?post=2637"}],"version-history":[{"count":2,"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/posts\/2637\/revisions"}],"predecessor-version":[{"id":2640,"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/posts\/2637\/revisions\/2640"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/media\/2638"}],"wp:attachment":[{"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/media?parent=2637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/categories?post=2637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caclubindia.com\/guide\/wp-json\/wp\/v2\/tags?post=2637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}