Rationalisation of the provisions of section 276CC

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Full Text of the Document

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....ure to furnish the return of income in due time, if the tax payable by such person, not being a company, on the total income determined on regular assessment does not exceed three thousand rupees. The existing provisions do not provide for taking into account tax collected at source and self-assessment tax for the purposes of determining the tax liability. Since the intent of said provision has a....