GulfHindi English Desk: Income tax 139(1) mandatory filling refers to the requirement under Section 139(1) of the Income Tax Act to file an income tax return in certain specific circumstances. Individuals who comply with these provisions are required to file an income tax return under Section 139(1). Failure to do so may result in the payment of a penalty. Therefore, it is necessary to understand and comply with the provisions of Section 139(1).
The following conditions must be met to file an income tax return under this section:
1. Deposits in a bank or cooperative bank: If an individual deposits Rs. 1 crore or more in one or more active bank accounts, they must file an income tax return under Section 139(1).
2. Expenses for foreign travel: If an individual incurs expenses of Rs. 2 lakh or more for their own or someone else’s foreign travel, they must file an income tax return under Section 139(1).
3. Expenses for electricity consumption: If an individual incurs expenses of Rs. 1 lakh or more for electricity consumption, they must file an income tax return under Section 139(1).
4. Fulfillment of other specified conditions: In addition to the above, the individual must also fulfill other specified provisions under Section 139(1). Individuals who fulfill these provisions are also required to file an income tax return.
Therefore, if due to any of the aforementioned circumstances, it is necessary for you to file an income tax return under Section 139(1), ensure that you file your income tax return before the deadline. Failure to file the income tax return on time may result in the payment of a penalty.
In summary, it is necessary to understand and comply with the provisions of Section 139(1) in order to file your income tax return on time and avoid late filing penalties.
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👉The mandatory requirement for filing income tax return under section 139(1) of the Income Tax Act.
👉Individuals who fulfill the provisions of section 139(1) are required to file income tax return under this section.
👉Failure to do so may result in the payment of penalties.
👉The following conditions must be met to file income tax return under this section:
👉Deposits made in banking companies or cooperative banks amounting to 1 crore rupees or more.
👉Expenditure of 2 lakh rupees or more on foreign travel for oneself or another person.
👉Expenditure of 1 lakh rupees or more on electricity consumption.
👉Fulfillment of other specified conditions under section 139(1).
👉It is important to understand and comply with the provisions of section 139(1) to avoid late filing penalties.
👉The provisions of income tax return filing under section 139(1) are summarized in a table.
👉Understanding and adhering to these provisions is necessary to file income tax return on time and avoid late filing penalties.
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