Section 245 of Income Tax
NITIN SABOO (344 Points)
21 November 2017
Plz explain section 245 of Income Tax
1 Replies
RAJA P M
("Do the Right Thing...!!!")
(128111 Points)
Replied 22 November 2017
Dear NITIN SABOO.,
It's a adjustments....
"This intimation is received when you have a tax demand pending from the IT Department and when you have claimed a refund from them in some other Assessment Year.
Section 245 of the Income Tax Act empowers the Assessing Officer to adjust refund (or a part of refund) against any tax demand which is outstanding from the taxpayer.
In simple words, the IT Department wants to adjust your refund due to you against a demand which is due from you.
This demand may pertain to an earlier assessment year.
It's a adjustments....
"This intimation is received when you have a tax demand pending from the IT Department and when you have claimed a refund from them in some other Assessment Year.
Section 245 of the Income Tax Act empowers the Assessing Officer to adjust refund (or a part of refund) against any tax demand which is outstanding from the taxpayer.
In simple words, the IT Department wants to adjust your refund due to you against a demand which is due from you.
This demand may pertain to an earlier assessment year.
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