Aditya Maheshwari's Expert Profile

Queries Replied : 9425

I am a Chartered Accountant in practice in Mumbai in the field of Direct Taxation, Audit, Company Law Matters and LLPs.

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CA Aditya Maheshwari

B. Com., A. C. A., DISA (ICAI)

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SUMIT SHARMA says : Section 244a
but what happens if the Department is issued multiple refunds? What is the procedure in case of calculating Amount of Refund and Interest U/sec 244A

SUMIT SHARMA says : Section 244A
Plz clarrify me as per Explanation of Section 140A:- Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the tax payable. Is the Same concept be used in case of multiple refunds from the Income Tax Department.

SUMIT SHARMA says : Section 244A
Plz clarrify me as per Explanation of Section 140A:- Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the tax payable. Is the Same concept be used in case of multiple refunds from the Income Tax Department.

CA. BIJENDER KR. BANSAL says : Please reply the below querry link
http://www.caclubindia.com/experts/payment-to-nonresident-tds-service-tax--423365.asp

varathu.anuraj says : query
Pl clarrify me. If a Director of Pvt ltd., takes an amount of Rs. 5lakhs from company for his own use. The assessing officer, treat it as deemed dividend u/s.2(22)(e). So, the company has to pay dividend distribution tax. After some period, the director repay the same amount to company(say 7 months). at the end of period the company declared regular dividend to the shareholders. so, once again the company has to pay the dividend distribution tax for regular dividend. The company can deduct the earlier tax from paying the subsequent tax. is it possible?