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of <h1>New Circular Details Steps for Adjusting Tax Refunds Against Outstanding Demands; Includes Verification and Contestation Timelines.</h1> The circular issued by the Directorate of Income Tax outlines a step-by-step procedure for adjusting tax refunds against outstanding demands. It mandates physical verification of demands from various sources by Assessing Officers, who must communicate these demands to taxpayers, allowing them to verify and confirm their legitimacy. Once verified, the demands are uploaded to the Centralized Processing Centre (CPC) system and taxpayers are notified of any adjustments to their refunds. Taxpayers can contest these demands within 15 days, and Assessing Officers have 30 days to address grievances. The CPC will hold refunds until demands are confirmed and adjustments are made.
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