139. Return of income. -1[(1) Every person, -
(a)being a 2[company or a firm]; or (b)being a person 3[other than a company or a firm], if his total income or the total income of any
other person in respect of which he is assessable under this Act during the previous year exceeded the
maximum amount wh ich is not chargeable to income -tax,
shall, on or before the due date, furnish a return of his income or the income of such other person during
the previous year, in the prescribed form and verified in the prescribed manner and setting forth such
other par ticulars as may be prescribed :
Provided that a person referred to in clause ( b), who is not required to furnish a return under this sub -
section and residing in such area as may be specified by the Board in this behalf by notification in the
Official Gazet te, and who 4[during the previous year incurs an expenditure of fifty thousand rupees or
more towards consumption of electricity or at any time during the previous year]fulfils any one of the
following conditions, namely: - (i)is in occupation of an immova ble property exceeding a specified floor area, whether by way of
ownership, tenancy or otherwise, as may be specified by the Board in this behalf; or (ii)is the owner or the lessee of a motor vehicle other than a two -wheeled motor vehicle, whether
having any detachable side car having extra wheel attached to such two -wheeled motor vehicle or
not; or
5* * * * * (iv)has incurred expenditure for himself or any other person on travel to any foreign country; or (v)is the holder of a credit card, not be ing an “add -on” card, issued by any bank or institution; or (vi)is a member of a club where entrance fee charged is twenty -five thousand rupees or more,
shall furnish a return, of his income 6[during any previous year ending before the 1st day of April, 2 005],
on or before the due date in the prescribed form and verified in the prescribed manner and setting forth
such other particulars as may be prescribed :
Provided further that the Central Government may, by notification in the Official Gazette, specify the
class or classes of persons to whom the provisions of the first proviso shall not apply:
Providedalso that every 2[company or a firm] shall furnish on or before the due date the return in
respect of its income or loss in every previous year: