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of <h1>Procedure for Refund of Excess Tax Payments u/ss 192-194D of Income-tax Act 1961 Explained.</h1> The circular addresses the procedure for refunding excess tax payments made under sections 192 to 194D of the Income-tax Act, 1961. It allows for refunds of amounts exceeding the tax deducted or deductible, subject to administrative safeguards. The excess payment is the difference between the actual payment and the tax deducted or deductible, which should first be adjusted against any existing tax liabilities. Any remaining balance is refunded to the assessee or branch office responsible for the deduction. The process involves specific recording and adjustment procedures, and the circular is distributed to relevant tax officers and chambers of commerce.
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