Amendment of section 13.
9. In section 13 of the Income-tax Act,( Amendment of section 13.) after sub-section (8) and before Explanation 1, the following sub-section shall be inserted with effect from the 1st day of April, 2016, namely:-
“(9) Nothing contained in sub-section (2) of section 11 shall operate so as to exclude any income from the total income of the previous year of a person in receipt thereof, if-
(i) the statement referred to in clause (a) of the said sub-section in respect of such income is not furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year; or
(ii) the return of income for the previous year is not furnished by such person on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the said previous year.”.
Notes on Clauses:
Clause 9 of the Bill seeks to amend section 13 of the Income tax Act relating to section 11 not to apply in certain cases.
It is proposed to insert a new sub-section to provide that nothing contained in sub-section (2) of section 11 shall operate so as to exclude any income from the total income of the previous year of a person in receipt thereof, if--
(i) the statement referred to in clause (a) of the said subsection in respect of such income, is not furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year; or
(ii) the return of income for the previous year is not furnished by such person on or before the due date specified under subsection (1) of section 139 for furnishing the return of income for the said previous year.
This amendment will take effect from 1st April, 2016 and accordingly apply in relation to the assessment year 2016-17 and subsequent years.
