Section 140A

¹[ Self-assessment.

140A. ²[(1 ) Where any tax is payable on the basis of any return required to be furnished under section 139 or section 148, after taking into account the amount of tax, if any, already paid under any provision o f this Act, the assessee shall be liable to pay such tax before furnishing the return and the re tu rn shall be accompanied by proof of payment of such tax.]

(2) After regular assessment under section 143 or section 144 has been made, any amount paid under sub-section (1) shall be deemed to have been paid towards such regular assessment

²[(3) If any assessee fails to pay the tax o r any p art thereof in accordance with the provisions of sub-section (1), the Income-tax Officer mav direct that a sum equal to two percent of such tax or part thereof, as the case may be, shall be recovered from him by way o f penalty for every month d uring which the default continues :

Provided that before levying any such penalty, the assessee shall be given a reasonable opportunity of being heard.]

[AS AMENDED BY THE FINANCE ACT, 1982]