9911796707
TMI BlogAssessment.X X X X Extracts X X X X X X X X Extracts X X X X ..... he audit report but not taken into account in computing the total income in the return; or (v) disallowance of deduction claimed under section 144 or under any of the provisions of Chapter VIII if the return is furnished beyond the due date specified under section 263(1); (b) the tax, interest and fee, if any, shall be computed on the basis of the total income computed under clause (a); (c) the sum payable by, or the amount of refund due to, the assessee shall be determined after adjustment of the tax, interest and fee, if any, computed under clause (b) by- (i) any tax deducted at source; (ii) any tax collected at source; (iii) any advance tax paid; (iv) any rebate or relief allowable under Chapter IX; (v) any tax paid on se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation required to be furnished under this Act to substantiate such entry has not been so furnished; or (iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction; (b) "the acknowledgement of the return" shall be deemed to be the intimation in a case where no sum is payable by, or refundable to, the assessee under sub-section(1)(c), and where no adjustment has been made under sub-section(1)(a). (6) For the purposes of processing of returns under sub-section (1), the Board may make a scheme for centralised processing of returns with a view to expeditiously determining the tax payable by, or the refund due to, the assessee as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able by him or refund of any amount due to him on the basis of such assessment. (11) In the case of entities referred to in sub-section (12), which are required to furnish the return of income under section 263(1)(a)(iv), no order under sub-section (10) making an assessment of the total income or loss of any such entity shall be made by the Assessing Officer, without giving effect to the provisions of section 11, unless- (i) the Assessing Officer has intimated the Central Government or the prescribed authority the contravention of the provisions mentioned in Schedule III (Table: Sl. No. 23, 24 or 25), by such entity, where in his view such contravention has taken place; and (ii) the approval granted to such entity has been withdrawn or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by order, withdraw the approval and forward a copy of the order to the concerned entity and the Assessing Officer. (15) Where a regular assessment under sub-section (10) or section 271 is made,- (a) any tax or interest paid by the assessee under sub-section (1) shall be considered to have been paid towards such regular assessment; (b) if no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be considered to be tax payable by the assessee and the provisions of this Act shall apply accordingly. - Clause 270 of the Bill seeks to provide for processing of returns filed and the powers to make prima facie adj ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
