Processing of statement - Section 168, Finance Act, 2016 - International Taxation - Income Tax

Processing of statement - Section 168 , Finance Act, 2016 Manner of processing of statement - Where a statement has been made under section 167 by the assessee or e-commerce operator, such statement shall be processed in the following manner, namely: the equalisation levy shall be computed after making the adjustment for any arithmetical error in the statement; the interest, if any, shall be computed on the basis of sum deductible or payable, as the case may be, as computed in the statement; 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 section 166(2) or section 166A or section 170 and any amount paid otherwise by way of tax or interest; an intimation shall be prepared or generated and sent 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 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: However, 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 statement or revised statement is furnished. Prescribed form for service of notice of demand on the assessee or e-commerce operator Where any levy, interest or penalty is payable in consequence of any order passed under the equalisation levy provisions, the Assessing Officer shall serve upon the assessee a notice of demand in Form No. 2 specifying the sum so payable. Further, intimation issued upon processing of the statement or revised statement shall also be deemed to be a notice of demand. As per Para 6 of Centralised Processing of Equalisation Levy Statement Scheme, 2023 Revised statement replace the original statement - 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. Adopt specific procedure for processing the statement 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. Time Limit for making application for amendment in intimation issued u/s 168 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. Statement not processed due to technical issue 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. Recovery of any refund or reduction in demand tax 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 . 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.