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of <h1>Processing and regular assessment of fringe benefit returns: corrections, tax computation, intimation within one year, AO's six-month power</h1> Where a return under the fringe benefits provisions is filed, the return is processed by correcting arithmetical errors and apparent incorrect claims, computing tax and interest on the revised fringe benefit value, adjusting for taxes already paid, issuing an intimation of tax payable or refund and granting any refund; such intimation must be issued within one year of the financial year end. The assessing officer may, within six months of the financial year in which the return is filed, require attendance or evidence, and thereafter make a written regular assessment of fringe benefit value and tax; taxes or refunds earlier processed are adjusted against any subsequent regular assessment.
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