Amendment of section 139
Amendment of section 139
39. In section 139 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2020,—
| (a) | in the sixth proviso, after the word, figures and letters "section 10BA", the words, figures and letters "or section 54 or section 54B or section 54D or section 54EC or section 54F or section 54G or section 54GA or section 54GB" shall be inserted; | |
| (b) | after the sixth proviso, and before Explanation 1 the following proviso shall be inserted, namely:— | |
| "Provided also that a person referred to in clause (b), who is not required to furnish a return under this sub-section, and who during the previous year— |
| (i) | has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or | |
| (ii) | has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or | |
| (iii) | has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or | |
| (iv) | fulfils such other conditions as may be prescribed, |
| shall furnish a return of his income on or before the due date in such form and verified in such manner and setting forth such other particulars, as may be prescribed."; | ||
| (c) | after Explanation 5, the following Explanation shall be inserted, namely:— | |
| 'Explanation 6.—For the purposes of this sub-section,— |
| (a) | "banking company" shall have the meaning assigned to it in clause (i) of the Explanation to section 269SS; | |
| (b) | "co-operative bank" shall have the meaning assigned to it in clause (ii) of the Explanation to section 269SS.'. |