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of <h1>Finance Bill 2024: Amendments to Section 245 streamline tax refund set-off, withholding processes effective October 1, 2024.</h1> The Finance Bill 2024 proposes amendments to Section 245 of the Income Tax Act, consolidating previous provisions regarding the set-off and withholding of tax refunds. The Assessing Officer (AO) can adjust refunds against outstanding tax demands and withhold refunds during pending assessments or reassessments, with approval from the Principal Commissioner or Commissioner of Income-tax. The AO must record reasons for withholding, ensuring the decision does not adversely affect revenue. The withholding period is extended to 60 days post-assessment, and no additional interest on refunds is payable during this period. These changes take effect from October 1, 2024.
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