Net tax

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....ke into account any adjustments to the tax payable required by section 8 of this Act. I = the amount of the tax credit arising in the tax period to which the person is entitled under section 9 of this Act, adjusted to take into account any adjustments to the tax credit required by section 10 of this Act. C =the amount, if any, brought forward from the previous tax period under sub-section (2) of....

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....de inadvertently shall also be treated as credit in a month or tax period as the case may be]] ----------------------------- Notes:- 1. Substituted vide NOTIFICATION No. F.14(5)/LA-2013/Cons2Law/65 dated September 09, 2013, before it was read as, "(2) Where the net tax of a dealer calculated under sub-section (1) of this section amounts to a negative value, the dealer shall- (a) adjust t....

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....d of the same year and the Commissioner shall deal with the refund claim in the manner described in section 38 and section 39 of this Act. Explanations-1. Refund can be claimed at the end of a tax period only. 2. Excess tax credit should not be carried forward to the next year. 3. Refund of excess tax credit carried forward from previous years should be claimed in any of the remaining tax perio....