Filing of Income Tax Return under section 139(1)(b)
ITRs section 139(1)(b) is exclusively applicable for the individual taxpayers and not for business units. As per the clauses of section 139(1)(b), if a person’s total income or total income of another person on behalf of whom he is liable to pay the tax goes beyond the unchargeable threshold limit mentioned in the Income Tax Act, should provide a return with other relevant details of his income or income of another such person on or before the due date in the respective form and verify the form.
Budget 2019 has set Certain Exceptions Through a Newly Introduced Clause of Section 139(1)(b):
As per the Clause of the Section:
- If someone has deposits of more than one crore in one or more current accounts in the banks or in other financial bodies in the previous year.
- If someone’s expenses for travel to the foreign country goes beyond two lakh rupees during the previous year.
- If someone has paid electricity bills of more than one lakh in the previous year.
- If someone confirms other categories prescribed in section 139(1)(b)
Above mentioned categories have to furnish the returns on or before the due date on the prescribed forms with verified details.
To Be Noted: If someone’s total income is within unchargeable threshold limit but falls under the above categories, is supposed to file a tax return by Gen IT software.
Some other amendments have been made in section 139(1)(b) which states that an assessee claiming benefits under section 54/ 54B / 54D / 54EC / 54F / 54G has to see whether their amount is under unchargeable threshold limit set by the government. Filing a return is mandatory for individuals whose income goes beyond a threshold limit.
Government is setting benchmarks to cover more and more crowd by making the filing of returns mandatory for people under various conditions.