Income Tax Return Filing Has Been Made Mandatory in Certain Circumstances:
1. Amendment made by the Finance (No.2) Act, 2019:
In order to ensure that persons, entering into certain high-value transactions, furnish the Income-tax return, the Finance (No.2) Act, 2019 has amended section 139 so as to provide that, in addition to those who were required to furnish their return of income, a person shall be mandatorily required to file his return of income, if during the previous year he:
i) Has deposited an amount (or aggregate of amount) in excess of Rs 1 crore in one or more current account maintained with a bank or a co-operative bank.
ii) Has incurred aggregate expenditure in excess of Rs. 2 lakh for himself or any other person for travel to a foreign country.
iii) Has incurred aggregate expenditure in excess of Rs. 1 lakh towards payment of electricity bill.
iv) Fulfills such other conditions as may be prescribed.
Further, filing of Income-tax return is made mandatory in case of an individual, HUF, AOP, BOI or AJP, if total income if such person before claiming a capital gain exemption under Sections 54, 54B, 54EC, 54F, 54G, 54GA and 54GB, exceeds the maximum amount not chargeable to tax.
The amendment shall be applicable from Assessment Year 2020-21.