Processing of statement
165. (1) Where a statement has been made under section 164 by the assessee, such statement shall be processed in the following manner, namely:––
(a) the equalisation levy shall be computed after making the adjustment for any arithmetical error in the statement;
(b) the interest, if any shall be computed on the basis of sum deductible as computed in the statement;
(c) the sum payable by, or the amount of refund due to, the assessee shall be determined after adjustment of the amount computed under clause (b) against any amount paid under sub-section (2) of section 163 or section 167 and any amount paid otherwise by way of tax or interest;
(d) an intimation shall be prepared or generated and sent to the assessee 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 in pursuance of the determination under clause (c) shall be granted to him:
Provided that 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 is furnished.
(2) For the purposes of processing of statements under sub-section (1), the Board may make a scheme for centralised processing of such statements to expeditiously determine the tax payable by, or the refund due to, the assessee as required under that sub-section.
Notes on Clauses:
Clause 165 of the Bill contains provisions relating to processing of the value of specified services and equalisation levy payable or refundable on the basis of such processing. It further provides for computation mechanism. It also provides that no intimation shall be made after the expiry of one year from the end of the relevant financial year.
