Income Tax Act, 2025
Section 1: Subs. by Act 18 of 2008, s. 28, for sub-section (1) (w.e.f. 12008).
1. Subs. by Act 18 of 2008, s. 28, for sub-section (1) (w.e.f. 12008).
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(b) the acknowledgement of the return shall be deemed to be the intimation in a case where no
sum is payable by, or refundable to, the assessee under clause (c), and where no adjustment has been
made under clause (a).
(1A) For the purposes of processing of returns under sub-section (1), the Board may make a scheme
for centralised processing of returns with a view to expeditiously determining the tax payable by, or the
refund due to, the assessee as required under that sub-section.
(1B) Save as otherwise expressly provided, for the purpose of giving effect to the scheme made under
sub-section (1A), the Central Government may, by notification in the Official Gazette, direct that any of
the provisions of this Act relating to processing of returns shall not apply or shall apply with such
exceptions, modifications and adaptations as may be specified in that notification; so, however, that no
direction shall be issued 1[after the 31st day of March, 2011].
(1C) Every notification issued under sub-section (1B), along with the scheme made under
sub-section (1A), shall, as soon as may be after the notification is issued, be laid before each House of
Parliament.]
(2) Where a return has been furnished under section 115WD, the Assessing Officer shall, if he
considers it necessary or expedient to ensure that the assessee has not understated the value of fringe
benefits or has not underpaid the tax in any manner, serve on the assessee a notice requiring him on a date
to be specified therein, either to attend his office or to produce, or cause to be produced, any evidence on
which the assessee may rely in support of the return:
Provided that no notice under this sub-section shall be served on the assessee after the expiry of 2[six
months from the end of the financial year] in which the return is furnished.
(3) On the day specified in the notice issued under sub-section (2), or as soon afterwards as may be,
after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer
may require on specified points, and after taking into account all relevant material which he has gathered,
the Assessing Officer shall, by an order in writing, make an assessment of the value of the fringe benefits
paid or payable by the assessee, and determine the sum payable by him or refund of any amount due to
him on the basis of such assessment.
(4) Where a regular assessment under sub-section (3) or section 115WF is made,—
(a) any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been
paid towards such regular assessment;
(b) if no refund is due on regular assessment or the amount refunded under sub-section (1)
exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded
shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply
accordingly.
(w.e.f. 12008).
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the acknowledgement of the return shall be deemed to be the intimation in a case where no
sum is payable by, or refundable to, the assessee under clause
For the purposes of processing of returns under sub-section
Save as otherwise expressly provided, for the purpose of giving effect to the scheme made under
sub-section
Every notification issued under sub-section
Where a return has been furnished under section 115WD, the Assessing Officer shall, if he
considers it necessary or expedient to ensure that the assessee has not understated the value of fringe
benefits or has not underpaid the tax in any manner, serve on the assessee a notice requiring him on a date
to be specified therein, either to attend his office or to produce, or cause to be produced, any evidence on
which the assessee may rely in support of the return:
Provided that no notice under this sub-section shall be served on the assessee after the expiry of 2[six
months from the end of the financial year] in which the return is furnished.
On the day specified in the notice issued under sub-section
Where a regular assessment under sub-section
or section 115WF is made,—
any tax or interest paid by the assessee under sub-section
shall be deemed to have been
paid towards such regular assessment;
if no refund is due on regular assessment or the amount refunded under sub-section
exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded
shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply
accordingly.