NJR MONEY

  Here in this blog, we will be discussing about latest amendment in Seventh Proviso to Section 139(1) of Income Tax Act. In following certain scenarios, it is now mandatory to file income tax return even if your taxable income is below basic exemption limit (threshold limit) as per latest amendments in Income Tax Act. Before we go further, first we will understand what is Basic exemption limit in income tax. Basic exemption limit is the maximum amount not chargeble to tax. Some time, it is also called as threshold limit. Even though the person is otherwise not required to file a return of income because his total income is below the basic exemption limit. However, if he is undertaking certain high-value transactions, he required to file income tax return compulsory. Currently, Company and Firm are compulsory required to file income tax return every year. A person other than a company or a firm is required to furnish the return of income only if their total income exceeds basic...