23. In section 139 of the Income-tax Act,—
(a) in sub-section (1), in Explanation 2,—
(i) in clause (a), in sub-clause (i), after the words "a company", the words, brackets and letters "other than a company referred to in clause (aa)" shall be inserted;
(ii) after clause (a), the following clause shall be inserted, namely:—
"(aa) in the case of an assessee being a company, which is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;";
(b) after sub-section (1B), the following sub-section shall be inserted with effect from the 1st day of June, 2011, namely:—
"(1C) Notwithstanding anything contained in sub-section (1), the Central Government may, by notification in the Official Gazette, exempt any class or classes of persons from the requirement of furnishing a return of income having regard to such conditions as may be specified in that notification.";
(c) in sub-section (4C), with effect from the 1st day of June, 2011,—
(i) after clause (f) and before the words "shall, if the total income", the following clauses shall be inserted, namely:—
"(g) body or authority or Board or Trust or Commission (by whatever name called) referred to in clause (46) of section 10;
(h) infrastructure debt fund referred to in clause (47) of section 10,";
(ii) after the words "medical institution or trade union", the words "or body or authority or Board or Trust or Commission or infrastructure debt fund" shall be inserted.
Notes on Clauses:
Clause 23 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income.
Under the existing provisions contained in clause (a) of Explanation 2 to sub-section (1) of the said section, the due date for filing return of income, in the case of a company; or a person (other than a company) whose accounts are required to be audited under the Income-tax Act or under any other law for the time being in force; or a working partner of a firm whose accounts are required to be audited under the Income-tax Act or under any other law for the time being in force, shall be the 30th day of September of the assessment year.
Section 92E of the Income-tax Act contains provisions for furnishing a report from an accountant by a person entering into international transactions.
It is proposed to amend sub-clause (i) of clause (a) to the said Explanation 2 and to insert a new clause (aa) after the said clause
(a) so as to provide that for filing a return of income in case of an assessee being a company, which is required to furnish a report referred to in the said section 92E, the due date shall be the 30th day of November of the assessment year.
This amendment will take effect retrospectively from 1st April, 2011.
Under the existing provisions contained in sub-section (1) of the aforesaid section, every person, if his total income or the total income of any other person in respect of which he is assessable under the Income-tax Act during the previous year exceeds the maximum amount which is not chargeable to income-tax, shall furnish a return of his income or the income of such other person during the previous year. It is proposed to insert a new sub-section (1C) in the aforesaid section so as to empower the Central Government to exempt by notification in the Official Gazette any class or classes of persons from the requirement of furnishing a return of income having regard to such conditions as may be specified in that notification.
This amendment will take effect from 1st June, 2011.
Under the existing provisions contained in sub-section (4C) of section 139, every entity referred to therein shall, if the total income in respect of such entity (without giving effect to the provisions of section 10) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year.
It is proposed to amend the aforesaid sub-section to insert therein new clauses (g) and (h) in order to require that any body or authority or Board or Trust or Commission referred to in clause (46) of section 10 and infrastructure debt fund referred to in clause (47) of section 10, respectively, shall also furnish a return of income.
This amendment will take effect from 1st June, 2011.
