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Writer's pictureMukul gupta

CBDT notifies Conditions for furnishing ITR by persons referred u/s 139(1)(b) of Income Tax Act .


The Central Board of Direct Taxes (CBDT) has notified the conditions for furnishing the income Tax Return by persons referred under section 139(1)(b) of the Income Tax Act, 1961.


Section 139(1)(b) applicable to a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax.


As per the notification issued on Thursday, the conditions for furnishing return of income in respect of persons referred to in clause (b) of sub-section (1) of section 139 in terms of clause (iv) of the seventh proviso to sub-section (1) of section 139 shall be the following, namely: – (i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or (ii) if his total gross receipts in profession exceeds ten lakh rupees during the previous year; or (iii) if the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; or (iv) the deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year, provided that in the case of an individual resident in India who is of the age of sixty years or more, at any time during the relevant previous year, the provision of clause (iii) shall have effect as if for the words “twenty-five thousand”, the words “fifty thousand” had been substituted.”



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