Seventh proviso to section 139(1) - Mandatory filling of Income Tax return

Seventh proviso to section 139(1) - Mandatory filling of Income Tax return

Finance Act 2019, with effect from 1.04.2020- has inserted seventh proviso after the sixth proviso to section 139(1) which amended the provision for filling Income tax return and provide that below mentioned person shall furnish a return of his income on or before the due date in such form and verified in such manner and setting forth such other particulars, as may be prescribed, even though Income is below Basic Exemption Limit

i. has  deposited amount or aggregate of the amounts exceeding Rs.1 crore in one or more current accounts maintained with a banking company or a co-operative bank; or

ii. has incurred an amount of expense or aggregate of the amount of the expenses exceeding Rs. 2 lakh for foreign travel for himself or any other person; or

iii.  has incurred an amount of expense or aggregate of the amount of the expenses exceeding Rs. 1 lakh towards electricity consumption; or

iv.    fulfill such other prescribed conditions.

Know more about  Other Income Tax Changes announced by CBDT

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