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of <h1>Amendment to Section 280ZA: Tax Credit Certificates Can Offset Liability or Be Refunded to Public Companies</h1> In the amendment to Section 280ZA of the Income-tax Act, sub-section (3) has been revised. It stipulates that when a tax credit certificate is presented by a public company to the Income-tax Officer, it should be used to offset any existing tax liability under the Indian Income-tax Act, 1922, or the current Act. If the certificate's amount surpasses the liability or if no liability exists, the excess or entire amount will be considered a refund due to the company, regardless of Chapter XIX's provisions, and the Act's provisions will apply accordingly.
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