The existing provisions
contained in sub-section (9) of section 139 provide that where the Assessing
Officer considers that the return of income furnished by the assessee is
defective, he may intimate the defect to the assessee and give him an
opportunity to rectify the defect within a period of fifteen days. If the
defect is not rectified within the time allowed by the Assessing Officer, the
return is treated as an invalid return. The conditions, the non-fulfillment of
which renders the return defective, have been provided in the Explanation to
the aforesaid sub-section.
Section 140A provides that where any tax is
payable on the basis of any return, after taking into account the prepaid
taxes, the assessee shall be liable to pay such tax together with interest
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.
It has been noticed that a large number of
assessees are filing their returns of income without payment of self-assessment
tax.
It is, therefore, proposed to amend the
aforesaid Explanation so as to provide that the return of income shall be
regarded as defective unless the tax together with interest, if any, payable in
accordance with the provisions of section 140A has been paid on or before the
date of furnishing of the return.
This amendment will take effect from 1st June,
2013.
