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of <h1>Income Tax Act Amendment: New Filing Requirements for Significant Financial Transactions Under Section 139 Effective April 2020</h1> Section 139 of the Income-tax Act has been amended, effective April 1, 2020. The amendment includes the insertion of additional sections (54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB) into the sixth proviso. A new proviso mandates that individuals not ordinarily required to file a return must do so if they meet specific financial criteria, such as depositing over one crore rupees in bank accounts, incurring travel expenses over two lakh rupees, or spending over one lakh rupees on electricity. Definitions for 'banking company' and 'co-operative bank' are clarified as per section 269SS.
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