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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clause 149 of Direct Taxes Code: Tax Returns Adjusted for Errors, Incorrect Claims, and Centralized Processing Scheme Explained</h1> The processing of tax returns under Clause 149 of the Direct Taxes Code, 2010, involves the Assessing Officer or an authorized person adjusting for any arithmetical errors or apparent incorrect claims in the return. The tax and interest are calculated based on these adjustments, and the final sum payable or refundable is determined after considering various tax credits and payments. An intimation is sent to the taxpayer detailing the amount due or refundable. If no tax is due or refundable, the return acknowledgment serves as intimation. No intimation is sent if the return is processed after twelve months from the financial year's end. The Board may implement a centralized processing scheme for efficiency. An incorrect claim is defined as inconsistent entries, lack of substantiating information, or deductions exceeding statutory limits.
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