Section 168 - Processing of statement. - Finance Act, 2016

Processing of statement. 168 . (1) Where a statement has been made under section 167 by the 1 [ assessee or e-commerce operator ] , such statement shall be processed in the following manner, namely: (a) the equalisation levy shall be computed after making the adjustment for any arithmetical error in the statement; (b) the interest, if any, shall be computed on the basis of 2 [ sum deductible or payable, as the case may be, ] as computed in the statement; (c) the sum payable by, or the amount of refund due to, the 1 [ assessee or e-commerce operator ] shall be determined after adjustment of the amount computed under clause (b) against any amount paid under sub-section (2) of 3 [ section 166 or section 166A ] or section 170 and any amount paid otherwise by way of tax or interest; (d) an intimation shall be prepared or generated and sent to the 1 [ assessee or e-commerce operator ] specifying the sum determined to be payable by, or the amount of refund due to, him under clause (c); and (e) the amount of refund due to the 1 [ assessee or e-commerce operator ] in pursuance of the determination under clause (c) shall be granted to him: Provided that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the 4 [ statement or revised statement ] is furnished. (2) For the purposes of processing of statements under sub-section (1), the Board may make a scheme for centralised processing of such statements to expeditiously determine the tax payable by, or the refund due to, the 5 [ assessee or ecommerce operator ] as required under that sub-section. ********************* NOTES:- 1. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as assessee 2. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as sum deductible 3. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as section 166 4. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as statement 5. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as assessee