India - Income Tax Act 2010 - Saarc

1.643 CH. XIV - PROCEDURE FOR ASSESSMENT S. 139may, at his option, furnish a return of his income for any previous year to hisemployer, in accordance with such scheme as may be specified by the Board inthis behalf, by notification in the Official Gazette 15 , and subject to such conditionsas may be specified therein, and such employer shall furnish all returns ofincome received by him on or before the due date, in such form (including on afloppy, diskette, magnetic cartridge tape, CD-ROM or any other computerreadable media) and manner as may be specified in that scheme, and in suchcase, any employee who has filed a return of his income to his employer shall bedeemed to have furnished a return of income under sub-section (1), and theprovisions of this Act shall apply accordingly.]16[***]]17[(1B) Without prejudice to the provisions of sub-section (1), any person, beinga company or being a person other than a company, required to furnish a returnof income under sub-section (1), may, at his option, on or before the due date,furnish a return of his income for any previous year in accordance with suchscheme as may be specified by the Board in this behalf by notification in theOfficial Gazette 18 and subject to such conditions as may be specified therein, insuch form (including on a floppy, diskette, magnetic cartridge tape, CD-ROM orany other computer readable media) and in the manner as may be specified inthat scheme, and in such case, the return of income furnished under suchscheme shall be deemed to be a return furnished under sub-section (1), and theprovisions of this Act shall apply accordingly.]19[***](3) If any person who 20 [***] has sustained a loss in any previous year under thehead “Profits and gains of business or profession” or under the head “Capitalgains” and claims that the loss or any part thereof should be carried forwardunder sub-section (1) of section 72, or sub-section (2) of section 73, or subsection(1) 21 [or sub-section (3)] of section 74, 22 [or sub-section (3) of section 74A],15. See Scheme for Bulk Filing of Returns by Salaried Employees, 2002/Scheme for Filing ofReturns by Salaried Employees’ Through Employer, 2004. For details, see Taxmann’sIncome-tax Rules.16. Explanation omitted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985.Omitted Explanation read as under :‘Explanation.— For the purposes of this sub-section, “salary” shall have the meaningassigned to it in clause (1) of section 17.’17. Inserted by the Finance Act, 2003, w.e.f. 1-4-2003.18. See Electronic Furnishing of Return of Income Scheme, 2007/Furnishing of Return ofIncome on Internet Scheme, 2004. For details, see Taxmann’s Income-tax Rules.19. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to itsomission, sub-section (2) was amended by the Taxation Laws (Amendment) Act, 1970,w.e.f. 1-4-1971, Finance Act, 1972, w.e.f. 1-4-1972 and Taxation Laws (Amendment) Act,1975, w.e.f. 1-4-1976.20. “has not been served with a notice under sub-section (2),” omitted by the Direct Tax Laws(Amendment) Act, 1987, w.e.f. 1-4-1989.21. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.22. Inserted by the Finance Act, 1974, w.e.f. 1-4-1975.