Proposed Changes to Income Tax Act: Set-Off Refunds Against Tax Liabilities, No Extra Interest on Withheld Refunds.

Proposed Changes to Income Tax Act: Set-Off Refunds Against Tax Liabilities, No Extra Interest on Withheld Refunds. https://www.taxtmi.com/highlights?id=68134 Set off and withholding of refunds in certain cases - It has been proposed to amend section 245 & 241A by integrating to set off refunds against tax remaining payable. Also, where proceedings of assessment or reassessment are pending additional interest shall not be payable on amount of refund withheld for that purpose during assessment proceeding periods. en-us Mon, 06 Feb 2023 14:58:02 +0530 Mon, 06 Feb 2023 17:29:49 +0530 TaxTMI RSS Generator Proposed Changes to Income Tax Act: Set-Off Refunds Against Tax Liabilities, No Extra Interest on Withheld Refunds. https://www.taxtmi.com/highlights?id=68134 Set off and withholding of refunds in certain cases - It has been proposed to amend section 245 & 241A by integrating to set off refunds against tax remaining payable. Also, where proceedings of assessment or reassessment are pending additional interest shall not be payable on amount of refund withheld for that purpose during assessment proceeding periods. Highlights Income Tax Mon, 06 Feb 2023 14:58:02 +0530 https://www.taxtmi.com/highlights?id=68134