Section 45 - Amendment of section 140A - Direct Tax Laws (Amendment) Act, 1987

45. Amendment of section 140A. In section 140A of the Income-tax Act, - (a) in sub-section (1),- (i) for the words the assessee shall be liable to pay such tax before furnishing the return and the return shall be accompanied by proof of payment of such tax , the following shall be substituted, namely :- the assessee shall be liable to pay. such tax, together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return and the return shall be accompanied by proof of payment of such tax and interest ; (ii) the following Explanation shall be inserted at the end, namely :- Explanation .- Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the tax payable. ; (b) for sub-section (3), the following sub-section shall be substituted, namely :- (3) If any assessee fails to pay the whole or any part of such tax or interest or both in accordance with the provisions of sub-section (1), he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the tax or interest or both remaining unpaid, and all the provisions of this Act shall apply accordingly. .