Income Tax Act, 2025
Section 8: Subs. by Act 23 of 2012, s. 59, for “being a company, which” (w.e.f. 12012).
8. Subs. by Act 23 of 2012, s. 59, for “being a company, which” (w.e.f. 12012).
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Explanation 3.—For the purposes of this sub-section, the expression “travel to any foreign country”
does not include travel to the neighbouring countries or to such places of pilgrimage as the Board may
specify in this behalf by notification in the Official Gazette.]
1[Explanation 4.—For the purposes of this section “beneficial owner” in respect of an asset means an
individual who has provided, directly or indirectly, consideration for the asset for the immediate or future
benefit, direct or indirect, of himself or any other person.
Explanation 5.—For the purposes of this section “beneficiary” in respect of an asset means an
individual who derives benefit from the asset during the previous year and the consideration for such
asset has been provided by any person other than such beneficiary.]
2[(1A) Without prejudice to the provisions of sub-section (1), any person, being an individual who is
in receipt of income chargeable under the head “Salaries” may, at his option, furnish a return of his
income for any previous year to his employer, in accordance with such scheme as may be specified by the
Board in this behalf, by notification in the Official Gazette, and subject to such conditions as may be
specified therein, and such employer shall furnish all returns of income received by him on or before the
due date, in such form (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other
computer readable media) and manner as may be specified in that scheme, and in such case, any
employee who has filed a return of his income to his employer shall be deemed to have furnisheda return
of income under sub-section (1), and the provisions of this Act shall apply accordingly.]
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4[(1B) Without prejudice to the provisions of sub-section (1), any person, being a company or being a
person other than a company, required to furnish a return of 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
such scheme as may be specified by the Board in this behalf by notification in the Official Gazette and
subject to such conditions as may be specified therein, in such form (including on a floppy, diskette,
magnetic cartridge tape, CD-ROM or any other computer readable media) and in the manner as may be
specified in that scheme, and in such case, the return of income furnished under such scheme shall be
deemed to be a return furnished under sub-section (1), and the provisions of this Act shall apply
accordingly.]
5[(1C) Notwithstanding anything contained in sub-section (1), the Central Government may, by
notification in the Official Gazette, exempt any class or classes of persons from the requirement of
furnishing a return of income having regard to such conditions as may be specified in that notification.]
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(3) If any person who 7*** has sustained a loss in any previous year under the head “Profits and gains
of business or profession” or under the head “Capital gains” and claims that the loss or any part thereof
should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, 8[or subsection (2) of section 73A] or 9[sub-section (1) or sub-section (3) of section 74], 10[or sub-section (3)
of section 74A], he may furnish, within the time allowed under sub-section (1), 11*** a return of loss in
the prescribed form and verified in the prescribed manner and containing such other particulars as may be
prescribed, and all the provisions of this Act shall apply as if it were a return under sub-section (1).
Without prejudice to the provisions of sub-section
Without prejudice to the provisions of sub-section
Notwithstanding anything contained in sub-section
If any person who 7*** has sustained a loss in any previous year under the head “Profits and gains
of business or profession” or under the head “Capital gains” and claims that the loss or any part thereof
should be carried forward under sub-section
of section 72, or sub-section
of section 73, 8[or subsection
of section 73A] or 9[sub-section
or sub-section
of section 74], 10[or sub-section
of section 74A], he may furnish, within the time allowed under sub-section