Section 5. Explanation 2 omitted by s. 39 and the Fifth Sch. (w.e.f. 10-7-1978)

5. Explanation 2 omitted by s. 39 and the Fifth Sch. (w.e.f. 10-7-1978). 6. The words "and super-tax" omitted by Act 10 of 1965, s. 74 (w.e.f. 1-4-1965). 7. Subs. by Act 4 of 1988, s. 189, for "2(43B) and 44" (w.e.f. 1-4-1989). 8. Subs. by Act 20 of 1967, s. 36, for "131 to 136 (both inclusive)" (w.e.f. 1-4-1967). 9. Subs. by Act 4 of 1988, s. 189, for "118, 125, 125A, 129, 130, 130A" (w.e.f. 1-4-1988). 10. Ins. by Act 41 of 1975, s. 124 (w.e.f. 1-10-1975). 11. Subs. by Act 16 of 1981, s. 41, for "220 to 229" (w.e.f. 1-4-1981). Provided that references in the said provisions and the rules to the "assessee" shall be construed as references to an assessee as defined in this Act. 5. Return of chargeable profits .― (1) In the case of every company whose chargeable profits assessable under this Act exceeded during the previous year the amount of statutory deduction, its principal officer, or where in the case of a non-resident company any person has been treated as its agent under section 163 of the Income-tax Act, such person, shall furnish a return of the chargeable profits of the company during the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, before the 30th day of September of the assessment year: Provided that on an application made in this behalf, the[3] [Assessing Officer] may, in his discretion, extend the date for the furnishing of the return. (2) In the case of any company which in the[3] [Assessing Officer] opinion is assessable under this Act, the[3] [Assessing Officer] may, before the end of the relevant assessment year, serve a notice upon its principal officer, or where in the case of a non-resident company any person has been treated as its agent under section 163 of the Income-tax Act, upon such person, requiring him to furnish within thirty days from the date of service of the notice a return of the chargeable profits of the company during the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed: Provided that on an application made in this behalf, the[3] [Assessing Officer] may, in his discretion, extend the date for the furnishing of the return. (3) Any assessee who has not furnished a return during the time allowed under sub-section (1) or sub-section (2), or having furnished a return) under sub-section (1) or sub-section (2) discovers any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time before the assessment is made. 5. Sub-clauses (iv) and (v) omitted by s. 29, ibid . (w.e.f. 1-4-1977). 6. Ins. by s. 29, ibid . (w.e.f. 1-4-1975). (i) any moneys borrowed[1] * and remaining outstanding as on the first day of the said previous year; and (ii) the amount of any fund, any surplus and any such reserve as is not to be taken into account in computing the capital under rule 1. Explanation 1 .― A paid-up share capital or reserve brought into existence by creating or increasing (by revaluation or otherwise) any book asset is not capital for computing the capital of a company for the purposes of this Act. Explanation 2 .―Any premium received in cash by the company on the issue of its shares standing to the credit of the share premium account shall be regarded as forming part of its paid-up share capital. Explanation 3 .―Where a company has different previous years in respect of its income, profits and gains, the computation of capital under rules 1, 2 and 3 shall be made with reference to the previous year which commenced first.