Section 140A - Self-assessment - Income-tax Act, 1961

1 [Self-assessment. 140A. 2 [(1) Where any tax is payable on the basis of any return required to be furnished under 3 [ 4 [section 115WD or section 115WH or] section 139 or section 142 5 [or section 148 or 6 [section 153A or], as the case may be, section 158BC]], 7 [after taking into account,- (i) the amount of tax, if any, already paid under any provision of this Act; (ii) any tax deducted or collected at source; 25 [ (iia) any relief of tax claimed under section 89; ] (iii) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid in a country outside India; (iv) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside India referred to in that section; 28 [ **** ] (v) any tax credit claimed to be set off in accordance with the provisions of section 115JAA, 20 [ or 29 [ section 115JD; and ]]] 30 [ (vi) any tax or interest payable according to the provisions of sub-section (2) of section 191, ] 8 [the assessee shall be liable to pay such tax together with interest 21 [ and fee ] 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 22 [ , interest and fee ].] 9 [ Explanation.- Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax 23 [, interest and fee as aforesaid, the amount so paid shall first be adjusted towards the fee payable and thereafter towards ] the interest payable as aforesaid and the balance, if any, shall be adjusted towards the tax payable.] 10 [(1A) For the purposes of sub-section (1), interest payable,- 11 [(i) under section 234A shall be computed on the amount of the tax on the total income as declared in the return as reduced by the amount of,- (a) advance tax, if any, paid; (b) any tax deducted or collected at source; 26 [ (ba) any relief of tax claimed under section 89; ] (c) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid in a country outside India; (d) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside India referred to in that section; and (e) any tax credit claimed to be set off in accordance with the provisions of section 115JAA, 20 [ or section 115JD;] (ii) under section 115WK shall be computed on the amount of tax on the value of the fringe benefits as declared in the return as reduced by the advance tax, paid, if any.] 12 [(1B) For the purposes of sub-section (1), interest payable under section 234B shall be computed on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid falls short of the assessed tax. 13 [ Explanation .-For the purposes of this sub-section, assessed tax means the tax on the total income as declared in the return as reduced by the amount of,- (i) tax deducted or collected at source, in accordance with the provisions of Chapter XVII, on any income which is subject to such deduction or collection and which is taken into account in computing such total income; 27 [ (ia) any relief of tax claimed under section 89; ] (ii) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid in a country outside India; (iii) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside India referred to in that section; and (iv) any tax credit claimed to be set off in accordance with the provisions of section 115JAA. 20 [ or section 115JD]] (2) After a regular assessment under 14 [section 115WE or section 115WF or] section 143 or section 144 15 [or an assessment under 16 [section 153A or] section 158BC] has been made, any amount paid under sub-section (1) shall be deemed to have been paid towards such regular assessment 17 [or assessment, as the case may be]. 18 [(3) If any assessee fails to pay the whole or any part of such tax 24 [, interest or fee ] 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 24 [ ,interest or fee ] remaining unpaid, and all the provisions of this Act shall apply accordingly.] 19 [(4) The provisions of this section as they stood immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in relation to any assessment for the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year and references in this section to the other provisions of this Act shall be construed as references to those provisions as for the time being in force and applicable to the relevant assessment year.] ------------------------ Notes :- 1. Substituted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. Original section was inserted by the Finance Act, 1964, w.e.f. 1-4-1964. 2. Substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 3. Substituted for section 139 or section 148 by the Finance (No. 2) Act, 1991, w.e.f. 27-9-1991. 4. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 5. Substituted for or, as the case may be, section 148 by the Finance Act, 1999, w.e.f. 1-6-1999. 6. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003. 7. Substituted for the words after taking into account the amount of tax, if any, already paid under any provision of this Act, , by the Finance Act, 2006, w.e.f. 1-4-2007. 8. Substituted for 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 by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 9. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 10. Substituted by the Finance Act, 2005, w.e.f. 1-4-2006. Prior to its substitution, sub-section (1A), as inserted by the Finance Act, 2001, w.r.e.f. 1-4-1989, read as under : (1A) For the purposes of sub-section (1), interest payable under section 234A shall be computed on the amount of the tax on the total income as declared in the return as reduced by the advance tax, if any, paid and any tax deducted or collected at source. 11. Substituted by the Finance Act, 2006, w.e.f. 1-4-2007. Prior to its substitution, clause (i) read as under : (i) under section 234A shall be computed on the amount of the tax on the total income as declared in the return as reduced by the advance tax, if any, paid and any tax deducted or collected at source; 12. Inserted by the Finance Act, 2001, w.r.e.f. 1-4-1989. 13. Substituted by the Finance Act, 2006, w.e.f. 1-4-2007. Prior to its substitution, Explanation read as under : Explanation.- For the purposes of this sub-section, assessed tax means the tax on the total income as declared in the return as reduced by the amount of tax deducted or collected at source, in accordance with the provisions of Chapter XVII, on any income which is subject to such deduction or collection and which is taken into account in computing such total income. 14. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 15. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999. 16 . Inserted by the Finance Act, 2003, w.e.f. 1-6-2003. 17. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999. 18. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its substitution, sub-section (3) was substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 19. Inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989. 20. Inserted vide Finance Act, 2012, w.e.f. 01-04-2013. 21. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 22. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. before it was read as, and interest . 23.Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. before it was read as, and interest as aforesaid, the amount so paid shall first be adjusted towards 24.Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. before it was read as, or interest or both 25. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2007 26. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2007 27. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2007 28. Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as and 29. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as section 115JD 30. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020