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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.
Explanation.-For the purposes of this clause-

[(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;]

(ii) -
[(iii) a proceeding for making fresh assessment in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling an assessment shall be deemed to have commenced from the date on which such order, setting aside or cancelling an assessment was passed;]

(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;

Income Tax Act 1961

What is the meaning Recovery by suit or under other law not affected? What is Interest for defaults in furnishing return of income? Section 232 and 234A of Income Tax Act 1961

What is Interest for defaults in payment of advance tax? What is Interest for deferment of advance tax? Section 234B and 234C of Income Tax Act 1961

What is Interest on excess refund? What is Fee for default in furnishing statements? Section 234D and 234E of Income Tax Act 1961

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 are Refunds? Who is Person entitled to claim refund in certain special cases? What is Form of claim for refund and limitation? Section 237, 238 and 239 of Income Tax Act 1961

What Refund on appeal, etc? What is the meaning of Correctness of assessment not to be questioned? What is Interest on delayed refunds? Section 240, 242 and 243 of Income Tax Act 1961

What is Interest on refund where no claim is needed? What is Interest on refunds? Section 244 and 244A of Income Tax Act 1961

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

What is Income-tax Settlement Commission? What is Jurisdiction and powers of Settlement Commission? Section 245B and 245BA 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 the meaning Decision to be by majority? How to proceed Application for settlement of cases? Section 245BD and 245C 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

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