Processing of fringe benefit returns: updated centralized processing scheme and shortened time limits for issuing intimations. Amendment prescribes that returns under the fringe benefits regime be processed by correcting arithmetical errors and incorrect claims apparent from the return, computing tax and interest on the adjusted value of fringe benefits, adjusting for advance and self-assessed tax to determine amounts payable or refundable, issuing intimations (with acknowledgment deemed intimation where no adjustment arises), and allows the Board to adopt a centralised processing scheme with enabling notifications by the Central Government subject to parliamentary laying.
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Processing of fringe benefit returns: updated centralized processing scheme and shortened time limits for issuing intimations.
Amendment prescribes that returns under the fringe benefits regime be processed by correcting arithmetical errors and incorrect claims apparent from the return, computing tax and interest on the adjusted value of fringe benefits, adjusting for advance and self-assessed tax to determine amounts payable or refundable, issuing intimations (with acknowledgment deemed intimation where no adjustment arises), and allows the Board to adopt a centralised processing scheme with enabling notifications by the Central Government subject to parliamentary laying.
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