Income Tax Act · 2024 Revised Edition · Part · Returns
52. Return of income
Official textFrom Attorney General's Chambers, unchanged
Every company is required to furnish a return of income for a year of assessment by 30th June of the relevant year of assessment to which the return relates.
company
“company” means a company incorporated or registered under the Companies Act or any law in force elsewhere;
A return of income shall —
be in such form and manner, and accompanied by such annexures and documents, as the Collector may determine; and
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fully state all the relevant particulars or information as specified in the form of return, including a declaration of the records kept by the company.
The Collector may, if he considers it necessary, extend the time to file the return of income.
Collector
“Collector” means the Collector of Income Tax appointed under section 3 and includes for all purposes of this Act, except the powers conferred on the Collector by sections 76, 79, 80 and 83, a Deputy Collector so appointed;
The Collector may, exempt from liability to furnish returns such class of persons not liable to pay tax as he thinks fit, and any person so exempted need not furnish a return under that subsection unless he is required by the Collector to do so under subsection (3).
Notwithstanding subsection (1), the Collector may, by notice in writing, require any person to furnish to him in such form and manner and within such reasonable time as he may determine, with a return of income and such particulars as may be required for the purpose of ascertaining the income, if any, for which such person is chargeable under this Act.
Terms defined in s 2
Collector
Defined · s 2“Collector” means the Collector of Income Tax appointed under section 3 and includes for all purposes of this Act, except the powers conferred on the Collector by sections 76, 79, 80 and 83, a Deputy Collector so appointed;
company
Defined · s 2“company” means a company incorporated or registered under the Companies Act or any law in force elsewhere;
year of assessment
Defined · s 2“year of assessment” means the period of 12 months commencing on the 1st day of January 1950 and each subsequent period of 12 months.
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Assessments
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Reviews and Appeals
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Collection, Recovery and Repayment of Tax
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