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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 56 - Amendment of section 140A. - FINANCE BILL, 2017

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

Amendment of section 140A.

56. In section 140A of the Income-tax Act, with effect from the 1st day of April, 2018,-

(i) in sub-section (1),-

(a) in the long line,-

(A) after the words “together with interest”, the words “and fee” shall be inserted;

(B) for the words “and interest”, the words, “, interest and fee” shall be substituted;

(b) in the Explanation, for the words “and interest as aforesaid, the amount so paid shall first be adjusted towards”, the words “, interest and fee as aforesaid, the amount so paid shall first be adjusted towards the fee payable and thereafter towards” shall be substituted;

(ii) in sub-section (3), for the words “or interest or both” at both the places where they occur , the words “,interest or fee” shall be substituted.

 



 

Notes on Clauses:

Clause 56 of the Bill seeks to amend section 140A of the Income-tax Act relating to self-assessment.

The said section provides that the assessee shall be liable to pay tax together with interest payable under any provision of the Income-tax Act as reduced by the amounts specified therein before furnishing a return under the said Act. It also provides the manner of calculation of the amount so payable and consequence of non-payment of the said amount.

It is proposed to amend the said section to include that in case of delay in furnishing of return of income, alongwith the tax and interest payable as aforesaid, fee for delay in furnishing of return of income shall also be payable.

The proposed amendment is consequential to the insertion of a new section 234F which provides for fee for delay in furnishing of return of income.

This amendment 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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