it refund querry

hi

IT refunds cant be adjusted with IT liability in any circumstances.

vaibhav

there is no Income tax authority called director it refund under Incometax act,1961.

It is AO who pass refund order he can adjust this

Dear Kaya,

No way u can adjust IT refunds of director against co's tax liability. Actually no where in the law they even allow an assessee to adjust his old refund due against o/s tax liability, it is only AO on his own do the same in the interest of revenue.

But really a wonderful idea, govt shall atleast allow assessee to adjust his own refund against o/s tax liability.

Regards

Kanti Jain

There is no provision in Income tax which allows directors's refund to be adjusted wid the co's tax liability.

As both directors and company are different assesses as per the Income tax Act.

Regards

Prasad R

NOT AT ALL ADJUSTABLE .

I agree with our frnds & members...

There is no such provision in IT...

I Agree with the above members

I think directors IT refund can be adjusted with company's IT liability in one situation. If company is in default of payament of IT liability, all directors are indiividually and collectively responsible for making default as good. In that case any refund due to any director can be adjusted with Company's IT liability.

Correct me if i am wrong.

thanks

Normally it is not possible to adjust refund of one assessee to another assessee's tax liablity

but depends on ITO if he will allow

in income tax & company law no such type of section is mentioned  

thanks to all ...