India - Income Tax Act 2010 - Saarc

S. 139 I.T. ACT, 1961 1.644he may furnish, within the time allowed under sub-section (1) 23 [***], a return ofloss in the prescribed form 24 and verified in the prescribed manner and containingsuch other particulars as may be prescribed, and all the provisions of thisAct shall apply as if it were a return under sub-section (1).25[(4) Any person who has not furnished a return within the time allowed 26 to himunder sub-section (1), or within the time allowed under a notice issued under subsection(1) of section 142, may furnish the return for any previous year at anytime 26 before the expiry of one year from the end of the relevant assessment yearor before the completion of the assessment, whichever is earlier :Provided that where the return relates to a previous year relevant to theassessment year commencing on the 1st day of April, 1988, or any earlierassessment year, the reference to one year aforesaid shall be construed as areference to two years from the end of the relevant assessment year.]27[ 28 [(4A) 29 Every person in receipt of income derived from property held undertrust or other legal obligation wholly for charitable or religious purposes or inpart only for such purposes, or of income being voluntary contributionsreferred to in sub-clause (iia) of clause (24) of section 2, shall, if the total incomein respect of which he is assessable as a representative assessee (the total incomefor this purpose being computed under this Act without giving effect to theprovisions of sections 11 and 12) exceeds the maximum amount which is notchargeable to income-tax, furnish a return of such income of the previous yearin the prescribed form and verified in the prescribed manner and setting forthsuch other particulars as may be prescribed and all the provisions of this Actshall, so far as may be, apply as if it were a return required to be furnished undersub-section (1).]]30[(4B) 31 The chief executive officer (whether such chief executive officer isknown as Secretary or by any other designation) of every political party shall, ifthe total income in respect of which the political party is assessable (the total23. “or by the thirty-first day of July of the assessment year relevant to the previous yearduring which the loss was sustained” omitted by the Direct Tax Laws (Amendment) Act,1987, w.e.f. 1-4-1989. Prior to its omission, the said expression was substituted for “withinsuch further time which, on an application made in the prescribed manner, the IncometaxOfficer may, in his discretion allow” by the Taxation Laws (Amendment & MiscellaneousProvisions) Act, 1986, w.e.f. 1-4-1987. Original expression was inserted by theTaxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971.24. See rules 12 and 12A.25. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to itssubstitution, sub-section (4) was substituted by the Finance Act, 1968, w.e.f. 1-4-1968 andamended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971.26. For the meaning of the expressions “time allowed” and “at any time”, see Taxmann’s DirectTaxes Manual, Vol. 3.27. Restored to its original provision by the Direct Tax Laws (Amendment) Act, 1989, w.e.f.1-4-1989. Earlier, it was substituted by the Direct Tax Laws (Amendment) Act, 1987, witheffect from the same date.28. Substituted by the Finance Act, 1972, w.e.f. 1-4-1973. Original sub-section was inserted bythe Finance Act, 1970, w.e.f. 1-4-1971.29. See rules 12 and 12A.30. Inserted by the Taxation Laws (Amendment) Act, 1978, w.e.f. 1-4-1979.31. See rules 12 and 12A.