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Home Acts & Rules Bill Bills FINANCE BILL, 2010 Chapters List Chapter III - Part 1 Income Tax This

Clause 34 - Amendment of section 143 - FINANCE BILL, 2010

FINANCE BILL, 2010
Chapter III - Part 1
Income Tax
  • Contents

CHAPTER III

DIRECT TAXES

Income-tax

 

Amendment of section 143.

34. In section 143 of the Income-tax Act,—

(a) in sub-section (1B), for the words, figures and letters "after the 31st day of March, 2010", the words, figures and letters "after the 31st day of March, 2011" shall be substituted;

(b) in sub-section (3), in the first proviso, for the words "scientific research association", wherever they occur, the words "research association" shall be substituted with effect from the 1st day of April, 2011.

 



 

Notes on Clauses:

Clause 34 of the Bill seeks to amend section 143 of the Income tax Act relating to assessment.

Under the existing provisions contained in sub-section (1B) of the aforesaid section, the Central Government may, save as otherwise expressly provided, for the purpose of giving effect to the scheme made under sub-section (1A) of that section, by notification in the Official Gazette, direct that any of the provisions of the Act relating to processing of returns shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in that notification. However, no direction is to be issued after 31st March, 2010.

Sub-clause (a) proposes to extend the time limit from 31st March, 2010 to 31st March, 2011.

This amendment will take effect retrospectively from 1st April, 2010.

Under the existing provisions contained in proviso to sub-section (3) of the aforesaid section, the assessing officer is under obligation to intimate the Central Government or the prescribed authority any contravention of provisions of clause (21) of section 10, by the association referred to in the said clause. The provisions also state that the assessing officer shall not withdraw exemption under section 10 unless the intimation has been given by him to the prescribed authority and the approval granted to the association has been withdrawn.

Sub-clause (b) proposes to amend the first proviso to sub-section (3) of the aforesaid section for giving effect to the proposed applicability of clause (21) of section 10 to a research association which has as its object undertaking research in social science or statistical research. Accordingly, the references to scientific research association are proposed to be substituted by references to research association.

These amendments will take effect from 1st April, 2011, and will, accordingly, apply in relation to the assessment year 2011- 2012 and subsequent years.

 
 
 
 

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