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Home Acts & Rules Bill Bills FINANCE BILL, 2020 Chapters List Chapter III DIRECT TAXES - Income-tax This

Clause 66 - Amendment of section 139. - FINANCE BILL, 2020

FINANCE BILL, 2020
Chapter III
DIRECT TAXES - Income-tax
  • Contents
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Amendment of section 139.

66. In section 139 of the Income-tax Act, in sub-section (1), in Explanation 2, in clause (a),––

(a) in sub-clause (iii), the word “working” shall be omitted;

(b) in the long line, for the figures, letters and words “30th day of September”, the figures, letters and words “31st day of October” shall be substituted.

 



 

Notes on Clauses:

Clause 66 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income.

Clause (a) of Explanation(2) of sub-section (1) of the said section provides for due date of furnishing of return of income for certain persons including a working partner of the specified firm as the 30th day of September of the assessment year.

It is proposed to amend the said clause so as to omit the word “working” in sub-clause (iii) and to provide that the due date for filling such return of income shall be the 31st day of October of the assessment year.

These amendments will take effect from 1st April, 2020 and will, accordingly, apply in relation to assessment year 2020-2021 and subsequent assessment years.

 
 
 
 

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