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of <h1>Clause 165 of Finance Bill 2016 details equalisation levy processing, error correction, interest computation, and refund timelines.</h1> Clause 165 of the Finance Bill, 2016, outlines the procedure for processing statements related to the equalisation levy. It mandates the computation of the levy after correcting any errors, calculation of interest based on deductible sums, and determination of payable or refundable amounts after adjustments. An intimation detailing these amounts must be sent to the assessee, with refunds granted accordingly. The provision prohibits sending intimations beyond one year from the financial year's end in which the statement is filed. Additionally, the Board may establish a scheme for centralized processing to expedite this determination.
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