Processing of tax deduction statements requires centralised correction, interest recalculation and intimation of payable or refundable amounts to deductors. A new provision requires processing of TDS statements filed under section 200 by recomputing deductible sums for arithmetical errors or incorrect claims, calculating interest on recomputed sums, and determining net payable or refundable amounts after adjustment against amounts paid under sections 200 and 201 and other payments. An intimation stating the amount payable or refundable must be sent to the deductor and refunds granted accordingly, subject to a one year time limit for issuing intimations; the Board may establish a centralised processing scheme to effect these steps.
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Processing of tax deduction statements requires centralised correction, interest recalculation and intimation of payable or refundable amounts to deductors.
A new provision requires processing of TDS statements filed under section 200 by recomputing deductible sums for arithmetical errors or incorrect claims, calculating interest on recomputed sums, and determining net payable or refundable amounts after adjustment against amounts paid under sections 200 and 201 and other payments. An intimation stating the amount payable or refundable must be sent to the deductor and refunds granted accordingly, subject to a one year time limit for issuing intimations; the Board may establish a centralised processing scheme to effect these steps.
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