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TMI BlogInsertion of new section 140B-Tax on updated returnX X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, along with the payment of additional income-tax computed in accordance with subsection (3), before furnishing the return and the return shall be accompanied by proof of payment of such tax, additional income-tax, interest and fee. (2) Where, return of income under sub-section (1) or subsection (4) or sub-section (5) of section 139 (referred to as earlier return) has been furnished by an assessee and tax is payable on the basis of return to be furnished by such assessee under sub-section (8A) of section 139,- (a) after taking into account,- (i) the amount of relief or tax referred to in subsection (1) of section 140A, the credit for which has been taken in the earlier return; (ii) tax deducted or collected at source, in accordance with the provisions of Chapter XVII-B, on any income which is subject to such deduction or collection and which is taken into account in computing total income and which has not been included in the earlier return; (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total income as declared in the return to be furnished under sub-section (8A) of section 139, (a) after taking into account,- (i) the amount of relief or tax referred to in subsection (1) of section 140A, the credit for which has been claimed in the earlier return; (ii) tax deducted or collected at source, in accordance with the provisions of Chapter XVII-B, on any income which is subject to such deduction or collection and which is taken into account in computing such total income, which has not been included in the earlier return; (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 on such income which has not been included in the earlier return; (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 on such income which has not been included in the earlier return; (v) any tax credit claimed, to be set off in accordance with the provisions of section 115JAA or section 115JD, which has not been claimed in the earlier return; and (b) as increased by the amount of refund, if any, issued in respect of such earlier r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of tax, if any, already paid as advance tax; (ii) any tax deducted or collected at source; (iii) any relief of tax claimed under section 89; (iv) 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; (v) 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 (vi) any tax credit claimed to be set off in accordance with the provisions of section 115JAA or section 115JD. Such updated return shall be accompanied by proof of payment of such tax, additional income-tax, interest and fee. It is further proposed that, in the case of an assessee, where, return of income under sub-section (1) or sub-section (4) or sub-section (5) of section 139 (referred to as the earlier return) has been furnished by such assessee and tax is payable on the basis of return to be furnished by such assessee under sub-section (8A) of section 139, the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any default or delay in payment of advance tax, along with the payment of additional incometa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arge and cess, by whatever name called, on such tax. It is also proposed that notwithstanding anything contained in Explanation 1 to section 234B, in the cases where an earlier return has been furnished, 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 which means the tax on the total income as declared in the return to be furnished under subsection (8A) of section 139, after taking into account the following: (i) the amount of relief or tax, referred to in sub-section (1) of section 140A, the credit for which has been claimed in the earlier return; (ii) tax deducted or collected at source, in accordance with the provisions of Chapter XVII-B, on any income which is subject to such deduction or collection and which is taken into account in computing such total income, which has not been included in the earlier return; (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 on such income which has not been included in the earlier return; (iv) any relief of tax claim ..... 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