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NEW SCHEME OF PROCESSING OF RETURNS UNDER SECTION 143(1)

Income Tax - Return of Income and Assessment Procedure - 17 - Processing of return [Section 143(1)] (1) Where a return has been made u/s 139 or in response to a notice u/s 142(1) such return shall be processed in the following manner, namely:- (a) th .....

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n the return. Following sub-clauses are inserted by FA, 2016, w.e.f.1-4-2017 (iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified u/s 139(1) (iv) disallowa .....

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urnished beyond the due date specified u/s 139(1) (vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return Provided that no such adjustments shall be made unless an .....

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is received within thirty days of the issue of such intimation, such adjustments shall be made (b) the tax, interest and fee,[Inserted by FA, 2017, w.e.f. 1-4-2018] if any, shall be computed on the basis of the total income computed under clause (a) .....

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or generated and sent to the assessee specifying the sum determined to be payable by, or the amount of refund due to, the assessee after the aforesaid corrections. The amount of refund due to the assessee shall be granted to him. An intimation shall .....

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he financial year in which the return is made. 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, and where no adjustment has been made. Incorrect Claim :- The .....

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respect of which, information required to be furnished to substantiate such entry, has not been furnished under the Act; or In respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary am .....

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ing the tax payable by, or the refund due to, the assessee as required under the said sub-section. (1B) For the purpose of giving effect to the scheme made under sub-section (1A), the Central Government may, by notification in the Official Gazette, d .....

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