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of <h1>Clause 399 of Income Tax Bill 2025: Adjustments for Errors in Tax Statements, Intimation Required Within One Year</h1> Clause 399 of the Income Tax Bill, 2025, outlines the processing of tax deducted or collected at source. It mandates adjustments for arithmetical errors or incorrect claims in tax statements. Interest and fees are calculated based on deductible or collectible amounts, as per specific sections. The clause determines the payable or refundable amounts after adjustments and requires sending an intimation to the deductor or collector. Refunds are to be granted accordingly. The intimation must be sent within one year from the end of the tax year in which the statement is filed. A centralized processing scheme may be established by the Board.
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