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TMI BlogPromoting Voluntary Tax Compliance and Reducing LitigationX X X X Extracts X X X X X X X X Extracts X X X X ..... eturn is furnished before 3 months prior to the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Similarly, sub-section (5) of section 139 of the Act provides the taxpayer an opportunity to revise the return filed under sub-section (1) or sub-section (4) in case of any omission or wrong statement, after due date, which is to be filed 3 months before the end of the assessment year or before the completion of assessment, whichever is earlier. Hence, the object of section 139 of the Act is to give reasonable time to the taxpayer to file a correct statement of his income within the duration specified under the Act. 3. This provision provides an additional time of approximately 5 months to an individual assessee, 2 months to a company/auditable case and 1 month to an assessee who enters into an international transaction or specified domestic transaction respectively, in a financial year to file belated or revised return. This additional timeline for filing a revised/belated return may not be adequate when we factor in utilization of huge information and data available coupled with the nudge approach that motivates the taxpayer to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the refund due on the basis of return furnished under sub-section (1), sub-section (4) or subsection (5), of such person under the Act for the relevant assessment year. (iii) A person shall not be eligible to furnish an updated return under the proposed sub-section (8A) of section 139, if: (a) search has been initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A in the case of such person, or (b) a survey has been conducted under section 133A, other than subsection (2A) of that section, in the case such person, or (c) a notice has been issued to the effect that any money, bullion, jewellery or valuable article or thing, seized or requisitioned under section 132 or section 132A in the case of any other person belongs to such person, or (d) a notice has been issued to the effect that any books of account or documents, seized or requisitioned under section 132 or section 132A in the case of any other person, pertain or pertains to, or any other information contained therein, relate to, such person. This provision is for the assessment year relevant to the previous year in which s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction (1) or sub-section (4) of section 139 has been furnished by an assessee, he shall before furnishing the return under sub-section (8A) of section 139, be liable to pay the tax due together with interest and fee payable under any provision of the Act for any delay in furnishing the return or any default or delay in payment of advance tax, along with the payment of additional tax. The tax payable shall be computed after taking into account the following:- (i) the 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 also be accompanied by proof of payment of such tax, additional tax, interest and fee. II. In the case of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment year. However, if such return is furnished after the expiry of twelve months from the end of the relevant assessment year but before completion of the period of twenty-four months from the end of the relevant assessment year, the additional tax payable shall be fifty per cent of aggregate of tax and interest payable, as determined in sub- paragraphs I or II above. It is also clarified that for the purposes of computation of additional income-tax , tax shall include surcharge and cess, by whatever name called, on such tax. IV) It is further provided that notwithstanding anything contained in the 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, where, assessed tax means the tax on the total income as declared in the return to be furnished under sub-section (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 taken i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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