India - Income Tax Act 2010 - Saarc

S. 143 I.T. ACT, 1961 1.664(a) the total income or loss shall be computed after making the followingadjustments, 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 the totalincome computed under clause (a);(c) the sum payable by, or the amount of refund due to, the assessee shallbe determined after adjustment of the tax and interest, if any,computed under clause (b) by any tax deducted at source, any taxcollected at source, any advance tax paid, any relief allowable underan agreement under section 90 or section 90A, or any relief allowableunder section 91, any rebate allowable under Part A of Chapter VIII,any tax paid on self-assessment and any amount paid otherwise byway of tax or interest;(d) an intimation shall be prepared or generated and sent to the assesseespecifying the sum determined to be payable by, or the amount ofrefund due to, the assessee under clause (c); and(e) the amount of refund due to the assessee in pursuance of thedetermination under clause (c) shall be granted to the assessee:Provided that an intimation shall also be sent to the assessee in a case where theloss declared in the return by the assessee is adjusted but no tax or interest ispayable by, or no refund is due to, him:(Contd. from p. 1.663)“(1) Where a return has been made under section 139, or in response to a notice under subsection(1) of section 142,—(i) if any tax or interest is found due on the basis of such return, after adjustment ofany tax deducted at source, any advance tax paid, any tax paid on self-assessmentand any amount paid otherwise by way of tax or interest, then, without prejudiceto the provisions of sub-section (2), an intimation shall be sent to the assesseespecifying the sum so payable, and such intimation shall be deemed to be a noticeof demand issued under section 156 and all the provisions of this Act shall applyaccordingly; 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 :Provided also that where the return made is in respect of the income first assessable in theassessment year commencing on the 1st day of April, 1999, such intimation may be sentat any time up to the 31st day of March, 2002.”Earlier, sub-section (1A) was omitted by the Finance Act, 1999, w.e.f. 1-6-1999. Sub-section(1A) was inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989, and lateron amended by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989, theFinance Act, 1992, w.r.e.f. 1-4-1989 and the Finance Act, 1993, w.r.e.f. 1-4-1989.Earlier, sub-section (1B) was inserted by the Finance Act, 1990, w.r.e.f. 1-4-1989 and lateron omitted by the Finance Act, 1999, w.e.f. 1-6-1999.