Income Under Seventh Proviso To Section 139 1

Usually the income tax return filing is related to the total income but the union budget 2019 has broadened the scope of compulsory filing of return. 2 act 2019 has inserted a new seventh proviso to section 139 1 to provide for mandatory filing of return of income for undertaking certain high value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit.

What Is Seventh Proviso To Section 139 1 Of Income Tax Act Latest Amendment In Itr Filing In 2020 Youtube

Finance act 2019 has inserted a new seventh proviso to section 139 1 to provide for mandatory filing of return of income for undertaking certain high value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit.

Income under seventh proviso to section 139 1. 2 act 2019 has inserted a new seventh proviso to section 139 1 of the income tax act 1961 the it act w e f. The seventh proviso to section 139 1 is all about the compulsory filing of return of income in case of high value transactions or expenditure. 01 04 2020 to provide for mandatory filing of itr for those people who have certain high value transactions even though that person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit.

Please note that finance no. Finance act 2019 has inserted a new seventh proviso to section 139 1 to provide for mandatory filing of return of income for certain class of person who carries out certain high value transactions even though the person is otherwise not required to file a return of income due to the fact that gross total income is below the basic exemption limit which is 2 50 000 3 00 000 5 00 000 currently.

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What Is Seventh Proviso To Section 139 1 Of Income Tax Act Latest Amendment In Itr Filing In 2020 Youtube

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