Self -assessment
18[Self -assessment.
140A. 19[(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 of this Act, 20[the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return and the return shall be accompanied by proof of payment of such tax and interest.]
21[Explanation: Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the tax payable]
(2) After a 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.
22[(3) If any assessee fails to pay the whole or any part of such tax or interest or both in accordance with the provisions of sub-section (1), he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the tax or interest or both remaining unpaid, and all the provisions of this Act shall apply accordingly.]
18. Substituted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. Original section was inserted by the Finance Act, 1964, w.e.f. 1-4-1964.
19. Substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.
20. Substituted for "the assessee shall be liable to pay such tax before furnishing the return and the return shall be accompanied by proof of payment of such tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
21. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
22. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its substitution, sub-section (3), as substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976, stood as under:
"(3) If any assessee fails to pay the tax or any part thereof in accordance with the provisions of sub-section (1), the Assessing Officer may direct that a sum equal to two per cent of such tax or part thereof, as the case may be, shall be recovered from him by way of penalty for every month during 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, 1989 and the Direct Tax Laws (Amendment) Act, 1989]