27 September 2008
I have read somewhere that if the assessee files the Income Tax Return without depositing the Self assessment tax and showing it as payable in Balance sheet, then that return can not be said Invalid or defective return. But, if after depositing the tax, the information for the challan is not given in the return form, then it shall be treated as a defective return. This is probably a decided case law. Can somebody guide me in this regard and clarify the situation. Pls give the reference of case law, if any.
28 September 2008
The return is not defective, but the will be deemed to be an assessee in default in respect of the tax or interest or both remaining unpaid, as clear from section 140A(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)of 140A, 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.
If the Self assessment challan particulars are not given in the return, credit will not be given, for tax paid to that extent, in the assessment order.
CAclubindia
