By Sanjeev R. Pandit
Chairman Ameet Patel
Co-Chairman Taxation Committee
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Dear Members,
Subject:- Incorrect levy of interest resulting in non granting of refunds to taxpayers.
Several members had brought to our notice the issue of wrongful charging of incorrect amounts of interest u/s. 234B in the tax computation sheet that accompanies the income-tax assessment orders passed u/s. 143(3) by Assessing Officers, thereby depriving the taxpayers of the rightful refund and interest due to them. This is a serious issue and needs to be highlighted to the higher authorities. In this connection, based on the data received from a few members, we have made a representation to the Revenue Secretary, Ministry of Finance. A copy of the said representation will be published in the BCA Journal for May 2016.
Please click on link below to read the full representation:
Incorrect levy of interest resulting in non granting of refunds to taxpayers.
Please note that the annexure to the representation is not made public since it contains information about a few tax payers.
We also thank the members who have shared with us the information about their clients who have suffered on account of this action on the part of certain assessing officers. We hope that in future when such matters arise, more members will come forward and share with us information which can, in turn, be made the basis for representations to the higher authorities.
For Bombay Chartered Accountants ‘ Society
Sanjeev R. Pandit,Chairman
Ameet Patel, Co-Chairman Taxation Committee
