Comparison of section 266 "Self-assessment." between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

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....d in the document. Background & Scope Statutory hook: Clause 266 of the Income Tax Bill, 2025 (Old Version), captioned "Self-assessment." Context: deals with payment obligations that arise when a return of income shows tax payable after accounting for various payments, deductions and credits. Coverage extends to returns required u/ss 263, 268, 280 or 294. Definitions: the clause supplies a definition for "assessed tax" in sub-section (6) by reference to the tax as declared in the return reduced by certain amounts. No other definitions or explanatory notes are provided in the text. Relevant cross-references within the clause include sections 157, 159(1), 159(2), 160, 206 and 391(2); Chapter XIX-B is referenced for source deduction/collecti....

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.... items: * (a) advance tax paid; * (b) tax deducted/collected at source; * (c) relief u/s 157; * (d) relief u/s 159(1) or 160 for tax paid abroad; * (e) relief u/s 159(2); and * (f) any tax credit claimed to be set off as per section 206(13). * Sub-section (5) provides that interest u/s 424 shall be computed on an amount equal to the "assessed tax" or the shortfall in advance tax against assessed tax. * Sub-section (6) defines "assessed tax" for purposes of sub-section (5) as tax on total income declared in return reduced by: * (a) tax deducted/collected at source under Chapter XIX-B on income taken into account; * (b) relief u/s 157; * (c) relief u/s 159(1) or 160 for tax paid abroad; * (d) relief u/s 159(2) for spec....

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....c thresholds, exemptions or procedural exceptions are Not stated in the document. Illustrations * Example 1: A taxpayer files a return u/s 268 showing taxable income and computed tax of INR X after accounting for TDS and reliefs listed in sub-section (2). If additional tax payable is Y, the taxpayer must pay Y together with any interest and fee before filing and attach proof of payment. If payment made is short by Z, it will be first applied to fee, then interest, then tax. * Example 2: For interest computation u/s 423, if the declared tax on total income is A and the taxpayer has advance tax B and a tax credit claimed u/s 206(13) of C, interest will be computed on A reduced by (B + C) and other listed reliefs as applicable. Interplay....

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....he Bill text may create uncertainty if section 206(13) does not encompass all intended credits. This difference has practical consequences for taxpayers asserting particular tax credits when computing payable tax and interest. * Drafting/typographical variances: Document 2 contains minor drafting artifacts (e.g., an extra comma and a trailing "and." in sub-section (6) list). * Practical impact: such drafting defects could give rise to interpretive queries or require clarificatory amendments; however, substantive effect depends on the larger legislative context. The enacted text in Document 1 appears to have corrected and expanded the cross-references. Practical Implications * Compliance and risk areas: Assessees required to furnish r....