09 January 2020
My quarry is as under. 1.Coloumn A21 of notified form itr4 for ay-2020-21 asks like this"Are you filing return under ththe 7th priviso of sec 139(1)"y/n -What does this mean ?since priviso said above is for mandatory filing of itr even though ypour income is below threshold limit ,Now my question is Whether the assesse whos income of the said ay-is not below threshold limit &is a regular assessee for the last 30years has to tick yesor no in this coloumn &secondly has to reply all the three questions mentioned as (i)deposit of one crore or more in current account or accounts(ii)spending 2lacs for forign travel(iii)spending more than 1lac on electricity consumption -if all assesses has to reply this questions than why they have writen as mentioned in col-a21? 2.In coloumn s-G1toG4 "PARTICULARS OF CAS AND BANK TRANSACTIONS RELATING TO PRESUMPTIVE INCOME"MY QUARRY IS AS UNDER;- 1IS ASSESSE HAS TO GIVE DETAILS AS ABOVE FOR ONLY THOSE TRANSACTIONS WHICH RELATS TO PRESUMTIVE BUSINESS OR ALL THE OTHER TRANSACTIONS ALSO? 2.BANK COL.DOES NOT ALLOW TO SHOW NEGTIVE BALANCE AS OPENING OR CLOSING BAL.IF ASSESSE DOES NOT HAVE CURRENT/SB AC OR HAS ONLY OD/CC AC WHERE ALWAYS NEGIIVE BALOF BUSINESSMAN IS THERE HOW THEY WILL PROVIDE THE ASKED INFORMATION . 3.APART FROM BUSINESS RECIEPTS/PAYMENTS THERE CAN BE OTHER RECIPTS SUCH AS SECURED/UNSESECURED LOANS,CAPITAL ENHANCEMENT ETC &ON PAYMENT SIDE WITHDRAWLS/LOAN REPAYMENTS CAN BE THERE WHICH DOES NOT RELATE TO PRESUMTIVE INCOME FROM BUSINESS. 4.LAST BUT NOT THE LEAST WHEN THEY WERE ASKED NOT TO MAINTAIN BOOKS OF ACCOUNTS ON REGULAR BASIS US 44AD/ADA/AE WHY THIS COLOUMN NOW WITHOUT AMENDING ACT? ISHALL BE HIGLY OBLIGED FOR EARLY REPLIES /VIEWS , WITH REGARDS,
04 June 2020
Under Section 139(1), in the following cases the filing of Income Tax Return is Mandatory: Every person who has a total income that exceeds the exemption limit is liable to furnish Income Tax Return within the due date. Any private, public, domestic or foreign country located and/or doing business in India.
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