Compulsory Filing of Return According to Finance Bill 2019

According to current arrangements, if the income of an individual or assessee surpasses the most extreme exemption limit, at that point it is compulsory for him to file the return of income. Regardless of whether income of an Individual (a resident and ordinary resident in India) does not surpass the most exemption limit, it is compulsory for him to file the return if he holds, as a helpful owner or something else, any benefit or financial interest outside India.

So as to guarantee that people, going into certain high esteem transactions, outfit the Income tax return, it is proposed to correct section 139 in order to give that an individual will be compulsorily required to file his return of income, if during the earlier year:

He has kept an amount (or total of amount) in abundance of Rs. 1 crore in at least one current account maintained with a bank or a co-operative bank

He has brought about expenditure in excess of Rs. 2 lakh for himself or some other individual for travel to a foreign nation

He has acquired expenditure in overabundance of Rs. 1 lakh towards payment of electricity bill.

He fulfills such different conditions as might be recommended.

Further, filing of Income-tax return is proposed to be made compulsory, if total income of an as-sessee before guaranteeing capital gain exception under Sections 54, 54B, 54EC, 54F, 54G, 54GA and 54GB, surpasses the max. amount not chargeable to tax.

Non-filing of Income-tax returns brings about prosecution under Section 276CC if tax payable by a taxpayer is more than Rs. 3,000. This threshold limit is proposed to be expanded from existing Rs. 3,000 to Rs. 10,000.

Enquire with Certicom Consulting for any further information.