Equalisation Levy

Processing of statement.

168. (1) Where a statement has been made under section 167 by the ^11a[assessee or e-commerce operator], 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 ¹²[sum deductible or payable, as the case may be,] as computed in the statement;

 (c) the sum payable by, or the amount of refund due to, the ¹³[assessee or e-commerce operator], shall be determined after adjustment of the amount computed under clause (b) against any amount paid under sub-section (2) of ¹⁴[section 166 or section 166A] or section 170 and any amount paid otherwise by way of tax or interest;

 (d) an intimation shall be prepared or generated and sent to the ¹³[assessee or e-commerce operator], 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 ¹³[assessee or e-commerce operator], 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 ¹⁵[statement or revised 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 ¹³[assessee or e-commerce operator] as required under that sub-section.