https://www.taxtmi.com/acts?id=47357 A new sub section requires amended intimations and refund adjustments when an assessee furnishes a revised return after an intimation or refund: increases in tax or interest already paid generate an amended intimation treated as a notice of demand; reductions result in refunds. Previously granted refunds are similarly adjusted, with enhanced refunds paid only to the excess and reduced refunds deemed tax payable with an intimation treated as a notice of demand. The amendment also confirms liability for additional gift tax where a revised return is filed after service of an intimation, and substitutes filing time wording in a related proviso. en-us Sat, 11 Jan 2025 11:40:00 +0530 Sat, 11 Jan 2025 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47357 A new sub section requires amended intimations and refund adjustments when an assessee furnishes a revised return after an intimation or refund: increases in tax or interest already paid generate an amended intimation treated as a notice of demand; reductions result in refunds. Previously granted refunds are similarly adjusted, with enhanced refunds paid only to the excess and reduced refunds deemed tax payable with an intimation treated as a notice of demand. The amendment also confirms liability for additional gift tax where a revised return is filed after service of an intimation, and substitutes filing time wording in a related proviso. Act-Rules F. Acts / Amendment Acts Sat, 11 Jan 2025 11:40:00 +0530 https://www.taxtmi.com/acts?id=47357