Income Tax Act, 2025
Section 2: Subs. by Act 18 of 2008, s. 27, for “31st day of October” (w.e.f. 12008).
2. Subs. by Act 18 of 2008, s. 27, for “31st day of October” (w.e.f. 12008).
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(b) in the case of any other employer, the 31st day of July of the assessment year.
(2) In the case of any employer who, in the opinion of the Assessing Officer, is responsible for paying
fringe benefit tax under this Act and who has not furnished a return under sub-section (1), the Assessing
Officer may, after the due date, issue a notice to him and serve the same upon him, requiring him to
furnish within thirty days from the date of service of the notice, the return in the prescribed form and
verified in the prescribed manner and setting forth such other particulars as may be prescribed.
(3) Any employer responsible for paying fringe benefit tax who has not furnished a return within the
time allowed under sub-section (1) or within the time allowed under a notice issued under sub-section (2),
may furnish the return for any previous year, at any time before the expiry of one year from the end of the
relevant assessment year or before the completion of the assessment, whichever is earlier.
(4) If any employer, having furnished a return under sub-section (1), or in pursuance of a notice
issued under sub-section (2), discovers any omission or any wrong statement therein, he may furnish a
revised return at any time before the expiry of one year from the end of the relevant assessment year or
before the completion of the assessment, whichever is earlier.
115WE. Assessment.—1[(1) Where a return has been made under section 115WD, such return shall
be processed in the following manner, namely:—
(a) the value of fringe benefits shall be computed after making the following adjustments,
namely:—
(i) any arithmetical error in the return; or
(ii) an incorrect claim, if such incorrect claim is apparent from any information in the return;
(b) the tax and interest, if any, shall be computed on the basis of the value of fringe benefits
computed under clause (a);
(c) the sum payable by, or the amount of refund due to, the assessee shall be determined after
adjustment of the tax and interest, if any, computed under clause (b) by any advance tax paid, any tax
paid on self-assessment and any amount paid otherwise by way of tax or interest;
(d) an intimation shall be prepared or generated and sent to the assessee specifying the sum
determined to be payable by, or the amount of refund due to, the assessee under clause (c); and
(e) the amount of refund due to the assessee in pursuance of the determination under clause (c)
shall be granted to the assessee:
Provided that no intimation under this sub-section shall be sent after the expiry of one year from
the end of the financial year in which the return is made.
Explanation.—For the purposes of this sub-section,—
(a) “an incorrect claim apparent from any information in the return” shall mean a claim, on the
basis of an entry, in the return,—
(i) of an item, which is inconsistent with another entry of the same or some other item in
such return;
(ii) in respect of which the information required to be furnished to substantiate such entry
has not been so furnished under this Act; or
(iii) in respect of a deduction or value of fringe benefits, where such deduction or value
exceeds specified statutory limit which may have been expressed as monetary amount or
percentage or ratio or fraction;
in the case of any other employer, the 31st day of July of the assessment year.
In the case of any employer who, in the opinion of the Assessing Officer, is responsible for paying
fringe benefit tax under this Act and who has not furnished a return under sub-section
Any employer responsible for paying fringe benefit tax who has not furnished a return within the
time allowed under sub-section
or within the time allowed under a notice issued under sub-section
If any employer, having furnished a return under sub-section
Where a return has been made under section 115WD, such return shall
be processed in the following manner, namely:—
the value of fringe benefits shall be computed after making the following adjustments,
namely:—
any arithmetical error in the return; or
an incorrect claim, if such incorrect claim is apparent from any information in the return;
the tax and interest, if any, shall be computed on the basis of the value of fringe benefits
computed under clause
the sum payable by, or the amount of refund due to, the assessee shall be determined after
adjustment of the tax and interest, if any, computed under clause
by any advance tax paid, any tax
paid on self-assessment and any amount paid otherwise by way of tax or interest;
an intimation shall be prepared or generated and sent to the assessee specifying the sum
determined to be payable by, or the amount of refund due to, the assessee under clause
the amount of refund due to the assessee in pursuance of the determination under clause
shall be granted to the assessee:
Provided that no intimation under this sub-section shall be sent after the expiry of one year from
the end of the financial year in which the return is made.
Explanation.—For the purposes of this sub-section,—
“an incorrect claim apparent from any information in the return” shall mean a claim, on the
basis of an entry, in the return,—
of an item, which is inconsistent with another entry of the same or some other item in
such return;
in respect of which the information required to be furnished to substantiate such entry
has not been so furnished under this Act; or
in respect of a deduction or value of fringe benefits, where such deduction or value
exceeds specified statutory limit which may have been expressed as monetary amount or
percentage or ratio or fraction;