Equalisation levy processing requires recalculation, interest computation, adjustment and timely intimation leading to refund or payment. The equalisation levy must be recalculated after correcting arithmetical errors, interest computed on the deductible sum, and the net payable or refundable amount determined after adjusting previously paid amounts; an intimation specifying the result must be sent within one year of the end of the financial year in which the statement was furnished, and refunds granted accordingly. The Board may establish a centralised processing scheme to expedite these determinations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Equalisation levy processing requires recalculation, interest computation, adjustment and timely intimation leading to refund or payment.
The equalisation levy must be recalculated after correcting arithmetical errors, interest computed on the deductible sum, and the net payable or refundable amount determined after adjusting previously paid amounts; an intimation specifying the result must be sent within one year of the end of the financial year in which the statement was furnished, and refunds granted accordingly. The Board may establish a centralised processing scheme to expedite these determinations.
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