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Home Acts & Rules Bill Bills FINANCE BILL, 2012 Chapters List Chapter III - Part 1 Direct Taxes - Income Tax This

Clause 57 - Amendment of section 140A. - FINANCE BILL, 2012

FINANCE BILL, 2012
Chapter III - Part 1
Direct Taxes - Income Tax
  • Contents

Amendment of section 140A.

     57. In section 140A of the Income-tax Act, with effect from the 1st day of April, 2013,—

           (i) in sub-section (1), in clause (v), after the word, figures and letters “section 115JAA”, the words, figures and letters “or section 115JD” shall be inserted;

           (ii) in sub-section (1A), in clause (i), in sub-clause (e), after the word, figures and letters “section 115JAA”, the words, figures and letters “or section 115JD” shall be inserted;

           (iii) in sub-section (1B), in the Explanation, in clause (iv), after the word, figures and letters “section 115JAA”, the words, figures and letters “or section 115JD” shall be inserted.”.

 



 

Notes on Clauses:

Clause 57 of the Bill seeks to amend section 140A of the Income-tax Act relating to self-assessment.

The existing provisions of sub-section (1) of the aforesaid section 140A provide that the assessee is liable to pay tax after taking into account the amount specified in clause (i) to clause (v) together with the interest payable under any provision of the Act before furnishing the return of income.

It is proposed to insert “or section 115JD” after “section115JAA” in clause (v) of sub-section (1); sub-clause (e) of clause (i) of sub-section (1A) and clause (iv) of the Explanation to sub-section (1B) of the aforesaid section so as to provide that credit available to be set off in accordance with the provisions of section 115JD will also be taken into account under section 140A for the purposes of computing tax payable, and interest chargeable under sections 234A and 234B, before furnishing the return of income.

These amendments will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-2014 and subsequent assessment years.

 
 
 
 

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