I. Return Filing – The amendments proposed in Section 139 of Income Tax Act are as follows:

• A person shall be required to furnish his return of income if this total income during the previous year without claiming exemption under section 10(38) [income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund] exceeds the maximum amount which is not chargeable to tax.
• Revision of return possible if filed after the due date but before the end of the relevant assessment year or completion of assessment which ever is earlier. Revised return can be filed  before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
• A return furnished in response to a notice issued under section 142 (1) of the Income-tax Act cannot be revised.
• A return which is otherwise valid would not be treated defective merely because self-assessment tax and interest payable in accordance with the provisions of section 140A, has not been paid on or before the date of furnishing of the return.

II. Advance Tax

• The number of instalments and due dates for payment of advance tax in the case of individuals, HUFs, firms, etc. shall be the same as is applicable to companies. i.e., similar to company advance tax need to be paid as follows:

On or before 15th June                    : not less than 15% of tax liability

On or before 15th September       : not less than 45% of tax liability

On or before 15th December         : not less than 75% of tax liability

On or before 15th March                : 100% of tax liability

• Taxpayer eligible for presumptive taxation scheme under section 44AD of the Income-tax Act shall pay whole amount of advance tax in one instalment on or before the 15th March of the financial year.