Search Results For: refund


QUERY: P had offered capital gains to tax in the years in which the flats were sold and the moneys received by him and paid the tax. Subsequently, the Assessing officer re-opened the earlier year in which agreement was made and possession handed over, and brought the entire gains to tax in that year. The stand of the department has been upheld in appeal upto the High Court. P wishes to know whether the department will automatically adjust the taxes paid for the subsequent years or whether he has to claim refund for those years. How will interest be calculated, since the taxes have already been paid for other years?
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EXPERT:
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The provisions of section 245 of the Act, are for the benefit of both department and the taxpayer. Therefore, it would be duty of the AO to set-off under this section if the assessee claims it and proves that he is entitled

QUERY: Where Non-Residents are deputed to work in India and taxes are borne by employer, if any refund becomes due to the employee after he has already left India and has no bank account in India by the time the assessment orders are passed, whom the refund can be issued?
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The refund can be issued to the employer as the tax has been borne by it.

QUERY: Is there any provision whereby employer can give refund of excess tax deducted to the employee within the year/after year end?
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– No. An employer has right to adjust during the financial year u/s. 192(3)