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of <h1>Section 139 Amendment: New Rules on Tax Return Deadlines, 9% Interest on Late Submissions, and Waiver Conditions</h1> The amendment to Section 139 of the Income-tax Act, 1961, as per the Taxation Laws (Amendment) Act, 1970, introduces several changes. It allows the Income-tax Officer discretion to extend the deadline for filing tax returns upon application, with interest charged according to sub-section (8). Sub-section (1A) is omitted, and amendments to sub-sections (2), (3), and (4) adjust provisions related to the extension of filing deadlines and interest applicability. The revised sub-section (8) specifies a 9% annual interest rate for late returns and outlines conditions for interest reduction or waiver. It also addresses interest adjustments following certain tax order modifications.
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