Income Tax Act · 2024 Revised Edition · Part · Assessments
60A. Self-assessment
Official textFrom Attorney General's Chambers, unchanged
Where a person has furnished a complete return of income for a year of assessment ending on or after the 1st day of January 2012 —
the Collector shall be taken to have made an assessment of chargeable income for that year of assessment and the tax due thereon, equal to those respective amounts specified in the return;
and
the return shall be taken for all purposes of this Act to be an assessment order issued to the person by the Collector on the day the return was furnished.
Notwithstanding subsection (1), the Collector may select a person for an audit of his income tax affairs under section 61A and that section shall apply accordingly.
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;
A return of income shall be taken to be complete if it is in accordance with the provisions of section 52.
Where the return of income furnished is not complete, the
Collector shall issue a notice to the person informing him of the deficiencies
(other than incorrect amount of tax payable on chargeable income, as specified in the return, or short payment of tax payable) and directing him to provide such information, particulars, statement or documents by such date specified in the notice.
Where a person fails to comply with the requirements of the notice under subsection (4) on the due date specified therein, the return furnished shall be treated as an invalid return as if it had not been furnished.
Where, in response to a notice under subsection (4), the person has, by the due date, fully complied with the requirements of the notice, the return furnished shall be treated as complete on the day it was furnished and subsection (1) shall apply accordingly.
Income Tax
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;
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.
Part
Reviews and Appeals
Part
Collection, Recovery and Repayment of Tax
Part