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of <h1>Finance Bill 2017: Section 241A Allows Withholding of Tax Refunds, Requires Written Approval, Applies from April 1, 2017.</h1> Clause 76 of the Finance Bill, 2017 introduces section 241A to the Income-tax Act, allowing the withholding of refunds in certain situations. Effective from April 1, 2017, this provision applies to assessment years starting from 2017-2018. It permits the Assessing Officer to withhold refunds due under section 143(1) if a notice under section 143(2) has been issued and the officer believes the refund could adversely impact revenue recovery. This withholding requires written reasons and prior approval from the Principal Commissioner or Commissioner, lasting until the assessment is completed.
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