Section 244A
This query is : Resolved
02 July 2010
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.
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.
02 July 2010
First the department calculates the tax refund due and then interest u/s 244A is charged on the refund.
02 July 2010
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
02 July 2010
Then also they calculate the total amount to be refuneded along with interest and then less the amount already refunded in totality. In calculation of interest of multiple refunds the amount already refunded in respective of tax should only be deducted.
02 July 2010
Can you refer any judgement for the same?
02 July 2010
I dont know of any judgement for the same.
If i come to know will revert on it.
Mostly there will not be any judgement as the same is just a procedural aspect which can be corrected by an application for rectification u/s 154 also.
If i come to know will revert on it.
Mostly there will not be any judgement as the same is just a procedural aspect which can be corrected by an application for rectification u/s 154 also.
02 July 2010
Is the department use same approach as explained in Section 244A.
02 July 2010
They should follow.
If they dont then u can get the intimation of calculation sheet whatever applicable retified u/s 154.
If they dont then u can get the intimation of calculation sheet whatever applicable retified u/s 154.
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