Web[Note: To be filled only if a person is not required to furnish a return of income under section 139(1) but filing return of income due to fulfilling one or more conditions mentioned in the seventh proviso to section 139(1)] Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account Webunder the seventh proviso to section 139(1) whereby return filing is made mandatory. These additional conditions are as follows: 1) If total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh during the previous year; or 2) If total gross receipt of profession exceeds Rs. 10 lakh during the previous year; or
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WebJun 2, 2024 · Those who are filing ITR-1 under 7th proviso to section 139(1) only without having any income, should tick ‘Others’. 2. Seventh proviso to section 139(1) Information is required to be given for-Whether the taxpayer is filing ITR-1 under Seventh proviso to section 139(1) but otherwise not required to furnish return of income. 3 WebThe seventh proviso to section 139 (1) was inserted by the Finance (No.2) Act, 2024, to ensure individuals entering into high-value transactions (includes amount deposited in the bank account, the amount spent on foreign travel and the amount incurred towards payment of electricity bill) to furnish the relevant details in ITR-1. can of shark repellent meaning
Are you filing return of Income under seventh proviso to …
Web4 rows · Jun 23, 2024 · Section 139 (1) provides for the filing of a return of income and prescribes the due date of ... WebJul 1, 2024 · What is Seventh Proviso to Section 139 (1) of Income Tax Act Latest Amendment in ITR Filing in 2024 MyOnlineCA 404K subscribers Join Subscribe 324 Share … WebMar 8, 2024 · Section 139 (1) Seventh Proviso of Income Tax Act – An Overview Filing income tax returns is mandatory if your annual income surpasses Rs. 2.5 lakh as per the … can of shortening survival