India - Income Tax Act 2010 - Saarc

S. 115WE I.T. ACT, 1961 1.602(2) In the case of any employer who, in the opinion of the Assessing Officer, isresponsible for paying fringe benefit tax under this Act and who has notfurnished a return under sub-section (1), the Assessing Officer may, after the duedate, issue a notice to him and serve the same upon him, requiring him to furnishwithin thirty days from the date of service of the notice, the return in theprescribed form and verified in the prescribed manner and setting forth suchother particulars as may be prescribed.(3) Any employer responsible for paying fringe benefit tax who has not furnisheda return within the time allowed under sub-section (1) or within the time allowedunder a notice issued under sub-section (2), may furnish the return for anyprevious year, at any time before the expiry of one year from the end of therelevant assessment year or before the completion of the assessment, whicheveris earlier.(4) If any employer, having furnished a return under sub-section (1), or inpursuance of a notice issued under sub-section (2), discovers any omission or anywrong statement therein, he may furnish a revised return at any time before theexpiry of one year from the end of the relevant assessment year or before thecompletion of the assessment, whichever is earlier.Assessment.115WE.80[(1) Where a return has been made under section 115WD, such returnshall be processed in the following manner, namely:—(a) the value of fringe benefits shall be computed after making thefollowing adjustments, namely:—(i) any arithmetical error in the return; or(ii) an incorrect claim, if such incorrect claim is apparent from anyinformation in the return;(b) the tax and interest, if any, shall be computed on the basis of thevalue of fringe benefits computed under clause (a);(c) the sum payable by, or the amount of refund due to, the assesseeshall be determined after adjustment of the tax and interest, if any,computed under clause (b) by any advance tax paid, any tax paid80. Sub-sections (1) to (1C) substituted for sub-section (1) by the Finance Act, 2008, w.e.f.1-4-2008. Prior to its substitution, sub-section (1) read as under :“(1) Where a return has been made under section 115WD,—(i) if any tax or interest is found due on the basis of such return, after adjustment ofany advance tax paid, any tax paid on self-assessment and any amount paidotherwise by way of tax or interest, then, without prejudice to the provisions of subsection(2), an intimation shall be sent to the assessee specifying the sum so payable,and such intimation shall be deemed to be a notice of demand issued under section156 and all the provisions of this Act shall apply accordingly; and(ii) if any refund is due on the basis of such return, it shall be granted to the assesseeand an intimation to this effect shall be sent to the assessee:Provided that except as otherwise provided in this sub-section, the acknowledgement ofthe return shall be deemed to be an intimation under this sub-section where either no sumis payable by the assessee or no refund is due to him:Provided further that no intimation under this sub-section shall be sent after the expiryof one year from the end of the financial year in which the return is made.”