Para 6 - Processing of Equalisation Levy Statement - Centralised Processing of Equalisation Levy Statement Scheme, 2023

6. Processing of Equalisation Levy Statement. - (1) The Centre shall process a valid Equalisation Levy Statement in the following manner, namely:- (a) the equalisation levy shall be computed after making the adjustment for any arithmetical error in the Equalisation Levy Statement ; (b) the interest, if any shall be computed on the basis of sum deductible or payable, as the case may be, as computed in the Equalisation Levy Statement; (c) the sum payable by, or the amount of refund due to, the 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 section 166 or section 166A or section 170 of the Act and any amount paid otherwise by way of tax or interest; (d) no intimation shall be prepared or generated and sent, after the expiry of one year from the end of the financial year in which the Equalisation Levy Statement or revised Equalisation Levy Statement is furnished , to the 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 assessee or e-commerce operator in pursuance of the determination under clause (c) shall be granted to him. (2) Where a revised Equalisation Levy Statement is furnished, the Centre shall process only the revised Equalisation Levy Statement and no further action shall be taken on the original Equalisation Levy Statement if it has not already been processed. (3) The Commissioner may, (a) adopt appropriate procedure for processing of Equalisation Levy Statements; or (b) decide the order of priority for processing of Equalisation Levy Statements based on administrative requirements. (4) The assessee or e-commerce operator may make an application to the Assessing Officer for amending any intimation issued under section 168 of the Act, within one year from the end of the financial year in which the intimation sought to be amended was issued. (5) Wherever an Equalisation Levy Statement cannot be processed in the Centre for any reasons, the Commissioner shall arrange to transmit such return to the Assessing Officer having jurisdiction in respect of the assessee or e-commerce operator for the purposes of Chapter VIII of the Act. (6) In case of error in processing of the Equalisation Levy Statement due to an error in data entry or a software error or otherwise, resulting in excess refund being computed or reduction in demand of tax, the same will be corrected on its own by the Centre by passing a rectification order and the excess amount shall be recovered as per the provisions of sections 220 to 227 , 229 and 232 of the Income-tax Act, 1961 . (7) In a case where there is any sum payable by the assessee or e-ecommerce operator under Chapter VIII of the Act, the refund, if any, arising from processing of the Equalisation Levy Statement, shall be set of against such sum payable.