Section 42 - Amendment of section 139 - Direct Tax Laws (Amendment) Act, 1987

42. Amendment of section 139. In section 139 of the Income-tax Act,- (a) for sub-section (1), the following sub-section shall be substituted, namely :- (1) Every person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. Explanation .- In this sub-section, due date means- (a) where the assessee is a company the 31st day of December of the assessment year; (b) where the assessee is a person, other than a company,- (i) in a case where the accounts of the assessee are required under this Act or any other law to be audited, or in the case of a co-operative society, the 31st day of October of the assessment year; (ii) in a case where the total income referred to in this sub-section includes any income from business or profession, not being a case falling under sub-clause (i), the 31st day of August of the assessment year; (iii) in any other case, the 30th day of June of the assessment year. ; (b) sub-section (2) shall be omitted; (c) in sub-section (3) [as amended by section 12 of the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 (46 of 1986)],- (i) the words, brackets and figure has not been served with a notice under sub-section (2), shall be omitted; (ii) the words or by the thirty-first day of July of the assessment year relevant to the previous year during which the loss was sustained shall be omitted; (d) for sub-sections (4) and (4A), the following sub-sections shall be substituted, namely :- (4) Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier: Provided that where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year. (4A) Every person, trust or institution referred to in sub- section (1) of section 80F shall, if the total income in respect of which such person, trust or institution is assessable (the total income for this purpose being computed without giving effect to the provisions of that section) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1). ; (e) for sub-section (5), the following sub-section shall be substituted, namely :- (5) If any person, having furnished a return under sub- section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier: Provided that where the return relates to the previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year. ; (f) in sub-sections (6) and (6A), for the words, brackets and figures in sub-sections (1), (2) and (3) , the words, brackets and figures in sub-sections (1) and (3) of this section, and in clause (i) of sub-section (1) of section 142 shall be substituted; (g) sub-section (7) shall be omitted; (h) in sub-section (8), after clause (b), the following clause shall be inserted, namely :- (c) The provisions of this sub-section shall apply in respect of the assessment for the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, and references therein to the other provisions of this Act shall be construed as references to the said provisions as they were applicable to the relevant assessment year. ; (i) in sub-section (10), in the proviso, for clauses (c) and (d), the following clauses shall be substituted, namely :- (c) a return of loss which has been furnished in accordance with the provisions of sub-section (3); (d) a return furnished under sub-section (4A), in respect of a person, trust or institution referred to in sub-section (1) of section 80F; .