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Home Acts & Rules Bill Bills FINANCE BILL, 2017 Chapters List Chapter III DIRECT TAXES - Income-tax This

Clause 57 - Amendment of section 143. - FINANCE BILL, 2017

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

Amendment of section 143.

57. In section 143 of the Income-tax Act,-

(a) in sub-section (1), with effect from the 1st day of April, 2018,-

(i) in clause (b), for the words “and interest”, the words “, interest and fee” shall be substituted;

(ii) in clause (c),-

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

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

(iii) in the first proviso, for the words “or interest”, the words “, interest or fee” shall be substituted;

(b) for sub-section (1D) [as substituted by section 68 of the Finance Act, 2016 (28 of 2016)], the following shall be substituted, namely:-

“(1D) Notwithstanding anything contained in sub-section (1), the processing of a return shall not be necessary, where a notice has been issued to the assessee under sub-section (2):

Provided that the provisions of this sub-section shall not apply to any return furnished for the assessment year commencing on or after the 1st day of April, 2017.”.

 



 

Notes on Clauses:

Clause 57 of the Bill seeks to amend section 143 of the Income-tax Act relating to assessment.

Sub-section (1) of the said section provides the manner of processing of a return furnished under section 139 or in response to a notice under sub-section (1) of section 142.

It is proposed to amend the said sub-section to provide that in computation of amount payable or refund due, as the case may be, on account of processing of return under the said sub-section, the fee payable under section 234F shall also be considered.

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.

Sub-section (1D) of the said section (as substituted by section 68 of the Finance Act, 2016) is proposed to be substituted by a new sub-section so as to provide that the processing of a return shall not be necessary, where a notice has been issued to the assessee under sub-section (2) of the said section.

It is proposed to provide that the provisions of the said sub-section shall not apply in relation to any return furnished for the assessment year commencing on or after the 1st day of April, 2017.

This amendment will take effect from 1st April, 2017.

 
 
 
 

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