{"act":{"id":"finance-act-2019-no-2","short_title":"The Finance Act, 2019 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":217,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/"},"unit":"section","section":{"number":"39","heading":"Amendment of section 139","text":"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.'.","html":"<p><b><b>Amendment of section 139</b></b></p><p><b><b>39</b>.</b> In section 139 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2020,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>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;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after the sixth proviso, and before <i>Explanation 1</i> the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also</b> that a person referred to in clause (<i>b</i>), who is not required to furnish a return under this sub-section, and who during the previous year—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>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</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>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</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>fulfils such other conditions as may be prescribed,</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>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.\";</td></tr><tr><td>(<i>c</i>)</td><td></td><td>after <i>Explanation 5</i>, the following <i>Explanation</i> shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'<i>Explanation 6</i>.—For the purposes of this sub-section,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"banking company\" shall have the meaning assigned to it in clause (<i>i</i>) of the <i>Explanation</i> to section 269SS;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>\"co-operative bank\" shall have the meaning assigned to it in clause (<i>ii</i>) of the <i>Explanation</i> to section 269SS.'.</td></tr></table></div>","words":297,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/39/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}