Assessment procedure: new intimation requirement and deemed payment rule treat excess refunds as tax payable under amended section 16.

Amendments to section 16 require intimation to the assessee where adjustments are made under the first proviso, revise cross references and wording in sub sections (1A) and (2) to specify action where returns or responses to notices are made, and insert two sub sections deeming payments under sub section (1) as payment towards a regular assessment and treating excess refunds as tax payable, with a transitional provision preserving earlier section text for the assessment year commencing 1st April, 1988 and prior years.

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