Clause (iv) of seventh proviso to section 139(1)

When one need to file return as per clause (iv) of seventh proviso to section 139(1)?

One need to file income tax return as per clause (iv) of seventh proviso to section 139(1) if you have done high value transaction during the year, even though your income may be lower than taxable limits.

This is new provision which require that you have to file income tax return if you have done large amount transactions reflecting in your AIS. Earlier return was to be filed under section 139(1) if income was more than taxable limit.