Processing of returns: authority may adjust arithmetical errors and apparent incorrect claims and issue intimation. The processing authority must compute the tax base by adjusting arithmetical errors and claims apparent from the return, calculate tax and interest on that base, and determine the net sum payable or refundable after accounting for withholding, advance tax, self-assessment tax and allowable reliefs. It must send an intimation specifying the sum payable or refundable; acknowledgement serves as intimation when no adjustments and no amounts arise. No intimation is required if processing occurs after twelve months from the end of the financial year. The Board may create a centralised processing scheme.
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Provisions expressly mentioned in the judgment/order text.
Processing of returns: authority may adjust arithmetical errors and apparent incorrect claims and issue intimation.
The processing authority must compute the tax base by adjusting arithmetical errors and claims apparent from the return, calculate tax and interest on that base, and determine the net sum payable or refundable after accounting for withholding, advance tax, self-assessment tax and allowable reliefs. It must send an intimation specifying the sum payable or refundable; acknowledgement serves as intimation when no adjustments and no amounts arise. No intimation is required if processing occurs after twelve months from the end of the financial year. The Board may create a centralised processing scheme.
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