(4)On receipt of the return, the [Assessing Officer] [Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).] shall assess the income referred to in sub-section (2) and determine the sum payable as tax thereon at the [rate or rates in force] [ Substituted by Act 20 of 1967, Section 29, for " rate or rates for the time being" (w.r.e.f. 1.4.1967).] applicable to the total income of a company which has not made the arrangements referred to in section 194 and such sum shall be payable by the master of the ship.[(4-A) No order assessing the income and determining the sum of tax payable thereon shall be made under sub-section (4) after the expiry of nine months from the end of the financial year in which the return under sub-section (3) is furnished:Provided that where the return under sub-section (3) has been furnished before the 1st day of April, 2007, such order shall be made on or before the 31st day of December, 2008.] [ Inserted by Act 22 of 2007, Section 51 (w.e.f. 1.4.2007).]
