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Amendment of section 139.

Clause 65 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 65 - 65. In section 139 of the Income-tax Act,- (i) in sub-section (1), in the sixth proviso, for the words, figures and letter provisions of section 10A , the words, brackets, figures and letter provisions of clause (38) of section 10 or section 10A shall be substituted with effect from the 1st day of April, 2017; (ii) in sub-section (3), after the words, brackets and figures sub-section (2) of section 73 , the words, brackets, figu .....

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he following sub-section shall be substituted, namely:- (5) If any person, having furnished a return under sub-section (1) or sub-section (4), 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. ; (c) in sub-section (9), in the Explanation, clause (aa) shall be omitted. Clause 65 of the Bill seeks to amend sect .....

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ividuals, whether incorporated or not, or an artificial juridical 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, without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A, 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 .....

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before the completion of the assessment, whichever is earlier. Sub-section (5) of the said section provides that 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 completion of the assessment, whichever is earlier. Clause (aa) of Explanation to sub-section (9) of the said section provides that a return .....

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e, shall also be liable to file return of income for the previous year in the prescribed form and verified in the prescribed manner. It is also proposed to substitute sub-section (4) of said section so as to provide that any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. It is also pr .....

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