What is Set off of refunds against tax remaining payable? What are Definitions in settlement of cases? Section 245 and 245A of Income Tax Act 1961
Set off of refunds against tax remaining payable and settlement of cases Definitions are defined under section 245 and 245A of Income Tax Act 1961. Provisions under these Sections are :
Section 245 of Income Tax Act "Set off of refunds against tax remaining payable"
Section 245. Where under any of the provisions of this Act, a refund is found to be due to any person, the Assessing Officer, Deputy Commissioner (Appeals), Commissioner (Appeals) or 85[Principal Chief Commissioner or] Chief Commissioner or 85[Principal Commissioner or] Commissioner, as the case may be, may, in lieu of payment of the refund, set off the amount to be refunded or any part of that amount, against the sum, if any, remaining payable under this Act by the person to whom the refund is due, after giving an intimation in writing to such person of the action proposed to be taken under this section.
Section 245A of Income Tax Act "Settlement of cases Definitions"
Section 245A. In this Chapter, unless the context otherwise requires,-
(a) "Bench" means a Bench of the Settlement Commission;
(b) "case" means any proceeding for assessment under this
Act, of any person in respect of any assessment year or
assessment years which may be pending before an Assessing
Officer on the date on which an application under
sub-section (1) of section 245C is made.
[(i) a proceeding for assessment or reassessment or recomputation under section 147 shall be deemed to have commenced-
(a) from the date on which a notice under section 148 is issued for any assessment year;
(b) from the date of issuance of the notice referred to in sub-clause (a), for any other assessment year or assessment years for which a notice under section 148 has not been issued, but such notice could have been issued on such date, if the return of income for the other assessment year or assessment years has been furnished under section 139 or in response to a notice under section 142;]
(iiia) a proceeding for assessment or reassessment for any of the assessment years, referred to in clause (b) of sub-section (1) of section 153A in case of a person referred to in section 153A or section 153C, shall be deemed to have commenced on the date of issue of notice initiating such proceeding and concluded on the date on which the assessment is made;
(iv) a proceeding for assessment for any assessment year, other than the proceedings of assessment or reassessment referred to in [clause (i) or clause (iii) or clause (iiia)], shall be deemed to have commenced [from the date on which the return of income for that assessment year is furnished under section 139 or in response to a notice served under section 142 and concluded on the date on which the assessment is made; or on the expiry of two years from the end of relevant assessment year, in case where no assessment is made];
(c) "Chairman" means the Chairman of the Settlement Commission;
(d) "income-tax authority" means an income-tax authority specified in section 116;
(e) "Member" means a Member of the Settlement Commission, and includes the Chairman and a Vice-Chairman;
(f) "Settlement Commission" means the Income-tax Settlement Commission constituted under section 245B;
What is Relief to company in respect of dividend paid out of past taxed profits? What is Relief to certain charitable institutions or funds in respect of certain dividends? Section 236 and 236A of Income Tax Act 1961
What is the meaning Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances? What is the Power of Chairman to transfer cases from one Bench to another? Section 245BB and 245BC of Income Tax Act 1961
What is Procedure on receipt of an application under section 245C? What is Power of Settlement Commission to order provisional attachment to protect revenue? Section 245D and 245DD of Income Tax Act 1961