Sunday, 2 December 2012

Procedure For Adjustment Of Refunds: CBDT Directive To CPC/ CITs

With a view to mitigate the problem raised due to mismatch of tax and TDS credits, the Income-tax Department has issued an Instruction letter dated 27.11.2012 which contains a step by step procedure for adjustment of refunds to be followed by the AOs and the Centralized Processing Center


http://www.itatonline.org/info/index.php/procedure-for-adjustment-of-refunds-cbdt-directive-to-cpc-cits/

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Section 56(2)(ix): Forfeiture of Advance Money Received – A Critical Analysis

The Dual Conditions for Taxability Section 56(2)(ix) of the Income Tax Act imposes tax liability on sums received as advance or otherwise du...