9[Self-assessment10.
11140A. 12[(1) Where any tax is payable on the
basis of any return required to be furnished under 13[14[section 115WD or section
115WH or] section 139 or section 142 15[or
section 148 or 16[section 153A or], as the case may be, section 158BC]], 17[after
taking into account,—
(i) the amount of tax, if any, already paid under
any provision of this Act;
(ii) any tax deducted or collected at source;
(iii) any relief of tax or deduction of tax claimed
under section 90 or section
91 on account of tax paid in a country outside India;
(iv) any relief of tax claimed under section 90A on account of tax paid in any specified
territory outside India referred to in that section; and
(v) any tax credit claimed to be set off in
accordance with the provisions of section 115JAA,]
18[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 interest19.]
20[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.]
21[(1A)
For the purposes of sub-section (1), interest payable,—
22[(i) under section 234A
shall be computed on the amount of the tax on the total income as declared in
the return as reduced by the amount of,—
(a) advance tax, if any, paid;
(b) any tax deducted or collected at source;
(c) any relief of tax or deduction of tax claimed
under section 90 or section
91 on account of tax paid in a country outside India;
(d) any relief of tax claimed under section 90A on account of tax paid in any specified
territory outside India referred to in that section; and
(e) any tax credit claimed to be set off in
accordance with the provisions of section 115JAA;]
(ii) under section
115WK shall be computed on the amount of tax on the value of the fringe
benefits as declared in the return as reduced by the advance tax, paid, if
any.]
23[(1B) For the purposes of
sub-section (1), interest payable under section 234B
shall be computed on an amount equal to the assessed tax or, as the case may
be, on the amount by which the advance tax paid falls short of the assessed
tax.
24[Explanation.—For the
purposes of this sub-section, “assessed tax” means the tax on the total income
as declared in the return as reduced by the amount of,—
(i) tax deducted or collected at source, in
accordance with the provisions of Chapter XVII, on any income which is subject
to such deduction or collection and which is taken into account in computing
such total income;
(ii) any relief of tax or deduction of tax claimed
under section 90 or section
91 on account of tax paid in a country outside India;
(iii) any relief of tax claimed under section 90A on account of tax paid in any specified
territory outside India referred to in that section; and
(iv) any tax credit claimed to be set off in
accordance with the provisions of section 115JAA.]]
(2)
After a regular assessment under 25[section 115WE or section 115WF
or] section 143 or section
144 26[or an assessment under 27[section 153A
or] section 158BC] has been made, any amount
paid under sub-section (1) shall be deemed to have been paid towards such
regular assessment 26[or
assessment, as the case may be].
28[(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.]
29[(4) The provisions of this
section as they stood immediately before their amend-ment by the Direct Tax
Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in relation to any
assessment for the assessment year commencing on the 1st day of April, 1988, or
any earlier assessment year and references in this section to the other
provisions of this Act shall be construed as references to those provisions as
for the time being in force and applicable to the relevant assessment year.]