Amendment of section 143.
43. In section 143 of the Income-tax Act, in sub-section (1), in clause (c), after the words “any advance tax paid,”, the words and figures “any relief allowable under section 89,” shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2007.
Notes on Clauses:
Clause 43 of the Bill seeks to amend section 143 of the Income tax Act relating to Assessment.
Sub-section (1) of the said section 143, inter alia, provides for processing of return furnished under section 139 or in response to a notice under sub-section (1) of section 142.
It is proposed to amend clause (c) of sub-section (1) of the said section so as to provide that “any relief of tax allowable under section 89” shall be taken into account, while determining sum payable or refund due to the assessee.
These amendments will take effect retrospectively from 1st April, 2007 and will, accordingly, apply in relation to the assessment year 2007-08 and subsequent assessment years.
