It mandates that certain individuals must file an income tax return. The aggregate of expenditure towards consumption of electricity exceeding inr 1 lakh in case a person incurs expenditure aggregating to inr 1 lakh and more towards consumption of. The seventh proviso to section 139 (1) has been inserted after the sixth proviso, and before the explanation 1 to finance (no.
Currently, a person other than a company or a firm is required. 2.5 lakh as per the prevailing tax rules. Seventh proviso to section 139 (1) of the income tax act, 1961, added with effective from 1st april 2020.
The seventh proviso to section 139(1) of income tax act became effective from april 1, 2020. Learn about the mandatory income tax return under seventh proviso to section 139 (1) of the income tax act, 1961. 2) act, 2019 with effect from 1st. What is seventh proviso ?
Overview of section 139 (1) seventh proviso of income tax act filing income tax returns is mandatory if your annual income surpasses rs. The provision is called the seventh proviso because it is placed after the existing sixth proviso to section 139 (1).