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Processing of fringe benefit returns: centralised processing and time bound intimation to determine tax or refund. Amendment mandates processing of returns under section 115WD by computing fringe benefit value after correcting arithmetical errors and incorrect claims apparent from the return, computing tax and interest thereon, adjusting for advance and other tax payments to determine payable sums or refunds, issuing an intimation specifying the determination, and granting refunds; an intimation must not be issued after one year from the end of the financial year. The Board may create a centralised processing scheme and the Central Government may notify modifications to Act provisions to implement that scheme, with such notifications and the scheme to be laid before Parliament.
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<h1>Processing of fringe benefit returns: centralised processing and time bound intimation to determine tax or refund.</h1> Amendment mandates processing of returns under section 115WD by computing fringe benefit value after correcting arithmetical errors and incorrect claims apparent from the return, computing tax and interest thereon, adjusting for advance and other tax payments to determine payable sums or refunds, issuing an intimation specifying the determination, and granting refunds; an intimation must not be issued after one year from the end of the financial year. The Board may create a centralised processing scheme and the Central Government may notify modifications to Act provisions to implement that scheme, with such notifications and the scheme to be laid before Parliament.
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