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of <h1>Income Tax Act Section 245: Tax Authorities Can Offset Refunds Against Outstanding Liabilities; Recent Amendments Effective October 2024.</h1> Section 245 of the Income Tax Act allows tax authorities to set off or withhold refunds under certain conditions. If a refund is due, the Assessing Officer or relevant Commissioner may offset it against any outstanding tax liabilities of the taxpayer, after notifying them in writing. If an assessment or reassessment is pending and granting the refund might adversely affect revenue, the refund can be withheld for up to sixty days with prior approval from the Principal Commissioner or Commissioner. Recent amendments effective from October 1, 2024, have updated these provisions.
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