Amendment of section 245.

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..... the refund up to , the words sixty days from shall be inserted. - Clause 73 of the Bill seeks to amend section 245 of the Income-tax Act relating to set off and withholding of refunds in certain cases. Sub-section (2) of the said section provides that where a part of the refund is set off under the provisions of sub-section (1), or where no such amount is set off, and refund becomes due to a perso .....

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..... ate of assessment or reassessment. It is proposed to amend the said sub-section to provide that the refund can be withheld up to sixty days from the date on which such assessment or reassessment is made. These amendments will take effect from 1st October, 2024. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindi .....

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