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TMI BlogReturn of income.X X X X Extracts X X X X X X X X Extracts X X X X ..... unt which is not chargeable to income-tax; (iv) a specified entity if its total income without giving effect to the provisions of section 11, exceeds the maximum amount which is not chargeable to income-tax; (v) a University, college or other institution as referred to in section 45(3)(a); (vi) a business trust; (vii) an investment fund as referred to in section 224; (viii) a person who has sustained a loss in the tax year under the head "Profits and gains of business or profession" or under the head "Capital gains" and who intends to claim that such loss, or any part thereof, is to be carried forward as per this Act; (ix) a person who intends to make a claim of refund under Chapter XX; (x) a person, who is a resident, other t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uly. (2)(a) The Board may make rules providing for the prescribed form for furnishing return of income, manner of its verification and such other particulars including-- (i) the class or classes of persons who shall be required to furnish the return in electronic form or otherwise; (ii) the form and the manner in which the return may be furnished, whether in electronic form or otherwise; (iii) the documents, statements, receipts, certificates, audited reports or any other documents which may not be furnished along with the return in electronic form but shall be produced before the Assessing Officer on demand; (iv) the computer resource or the electronic record to which the return in electronic form may be transmitted; (b) the part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time within nine months from the end of the relevant tax year, or before the completion of the assessment, whichever is earlier. (6)(a) Any person, whether or not he has furnished a return under sub-section (1) or (4) or (5) for a tax year, may furnish an updated return of his income or the income of any other person in respect of which he is assessable under this Act, at any time within forty-eight months from the end of the financial year succeeding the relevant tax year; (b) the provisions of clause (a) shall continue to apply for a tax year if any person has sustained a loss in the said tax year and has furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty-six months have expired from the end of the financial year succeeding the relevant tax year, and any notice to show-cause under section 281has been issued in his case, except where an order has been passed under section 281(3) determining that it is not a fit case to issue notice under section 280; or (x) he is such person or belongs to such class of persons, as notified by the Board in this regard; (d) a person shall also not be eligible to furnish an updated return of income, where- (i) a search has been initiated under section 247 or books of account or other documents or any assets are requisitioned under section 248 in the case of that person; (ii) a survey has been conducted under section 253, other than sub-section (4) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee rectifies the defect after the expiry of the period allowed under clause (a), but before the assessment is made, the Assessing Officer may condone the delay and treat the return as a valid return. (8)(a) The provisions of this section shall also apply to a return of income which is furnished in pursuance of an order passed under section 239(4)(3)(b); (b) the provisions of this section shall not apply to a specified senior citizen, as referred to in section 402(39), for the relevant tax year in which tax has been deducted at source under section 393(1) [Table: Sl. No. 8 (iii)]. (9) In this section,-- (a) "beneficial owner", in respect of an asset means an individual who has provided, directly or indirectly, consideration for the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edule III (Table: Sl. No. 36); (xiv) infrastructure debt fund referred to in Schedule VII(Table: Sl. No. 46); and[5]; (d) "specified laws" shall refer to the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (13 of 1976), or the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), or the Prevention of Money-laundering Act, 2002 (15 of 2003), or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015). *************** NOTES:- 1. Corrected for "Table below:" to "Table:" 2. Corrected for "person; or" to "person;" 3. Corrected for "Sl. No. 28 and 29" to "Sl. Nos. 28 and 29" 4. Corrected for "Sl. No. 33 and 40" to "Sl. Nos. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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