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of <h1>1974 Finance Act Amends Income Tax Act: New Exemptions for Salary-Based Incomes Under Section 139(1A)</h1> Section 139 of the Income-tax Act was amended by the Finance Act, 1974, effective April 1, 1975. A new sub-section (1A) was introduced, exempting individuals from filing income tax returns if their income consists solely of salaries or includes income specified under section 80L, provided certain conditions are met. These conditions include not being a company director or significant shareholder, earning a salary not exceeding eighteen thousand rupees, having additional income not exceeding three thousand rupees, and ensuring tax is deducted at source. Additionally, sub-section (3) was modified to include a reference to section 74A.
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