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Home Acts & Rules Bill Bills FINANCE BILL, 2017 Chapters List Chapter III DIRECT TAXES - Income-tax This
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Clause 55 - Amendment of section 139. - FINANCE BILL, 2017

FINANCE BILL, 2017
Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 139.  

55. In section 139 of the Income-tax Act, with effect from the 1st day of April, 2018,-

(i) in sub-section (4C),-

(I) after clause (c), the following clause shall be inserted, namely:-

“(ca) person referred to in clause (23AAA) of section 10;”;

(II) after clause (eb), the following clauses shall be inserted, namely:-

“(eba) Investor Protection Fund referred to in clause (23EC) or clause (23ED) of section 10;

(ebb) Core Settlement Guarantee Fund referred to in clause (23EE) of section 10;”;

(III) after clause (f), the following clause shall be inserted, namely:-

“(fa) Board or Authority referred to in clause (29A) of section 10;”;

 (IV) in the long line occurring after clause (h), after the words “association or institution,”, the words “person or” shall be inserted;

(ii) in sub-section (5) [as substituted by section 67 of the Finance Act, 2016 (28 of 2016)], the words “the expiry of one year from” shall be omitted.

 



 

Notes on Clauses:

Clause 55 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income.

Sub-section (4C) of the said section mandates filing of return by certain entities which are exempted under section 10.

It is proposed to amend the said sub-section so as to provide that any person referred to in clause (23AAA), Investor Protection Fund referred to in clause (23EC) or clause (23ED), Core Settlement Guarantee Fund referred to in clause (23EE) and Board or Authority referred to in clause (29A) of section 10 shall also be mandatorily required to file return of income.

Sub-section (5) of the said section 139 provides that a person can furnish a revised return, in case he discovers any omission or wrong statement in his return of income already furnished, within one year from the end of the relevant assessment year or before completion of assessment, whichever is earlier.

It is proposed to amend the said sub-section (5) so as to provide that the time for furnishing of revised return shall be available upto the end of the relevant assessment year or before the completion of assessment, whichever is earlier.

These amendments will take effect from 1st April, 2018 and will, accordingly apply in relation to assessment year 2018-2019 and subsequent years.

 
 
 
 
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