{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"168","heading":"Processing of statement","text":"Processing of statement. 168. (1) Where a statement has been made under section 167 by the [assessee or e-commerce operator], such statement shall be processed in the following manner, namely:— (a) | the equalisation levy shall be computed after making the adjustment for any arithmetical error in the statement; (b) | the interest, if any shall be computed on the basis of [sum deductible or payable, as the case may be,] as computed in the statement; (c) | the sum payable by, or the amount of refund due to, the [assessee or e-commerce operator] shall be determined after adjustment of the amount computed under clause (b) against any amount paid under sub-section (2) of [section 166 or section 166A] or section 170 and any amount paid otherwise by way of tax or interest; (d) | an intimation shall be prepared or generated and sent to the [assessee or e-commerce operator] specifying the sum determined to be payable by, or the amount of refund due to, him under clause (c); and (e) | the amount of refund due to the [assessee or e-commerce operator] in pursuance of the determination under clause (c) shall be granted to him: Provided that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the [statement or revised statement] is furnished. (2) For the purposes of processing of statements under sub-section (1), the Board may make a scheme for centralised processing of such statements to expeditiously determine the tax payable by, or the refund due to, the [assessee or e-commerce operator] as required under that sub-section. 1. Substituted for \"assessee\" by the Finance Act, 2020 w.e.f. 1-4-2020. 2. Substituted for \"sum deductible\" by the Finance Act, 2020 w.e.f. 1-4-2020. 3. Substituted for \"section 166\" by the Finance Act, 2020 w.e.f. 1-4-2020. 4. Substituted for \"statement\" by the Finance Act, 2020 w.e.f. 1-4-2020.","html":"<p><b>Processing of statement.</b></p><p><b>168</b>. (1) Where a statement has been made under section 167 by the <sup></sup><b>[</b><i>assessee or e-commerce operator</i><b>]</b>, such statement shall be processed in the following manner, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the equalisation levy shall be computed after making the adjustment for any arithmetical error in the statement;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the interest, if any shall be computed on the basis of <sup></sup><b>[</b><i>sum deductible or payable, as the case may be</i>,<b>]</b> as computed in the statement;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>the sum payable by, or the amount of refund due to, the <sup></sup><b>[</b><i>assessee or e-commerce operator</i><b>]</b> shall be determined after adjustment of the amount computed under clause (<i>b</i>) against any amount paid under sub-section (2) of <sup></sup><b>[</b><i>section 166 or section 166A</i><b>]</b> or section 170 and any amount paid otherwise by way of tax or interest;</td></tr><tr><td>(<i>d</i>)</td><td></td><td>an intimation shall be prepared or generated and sent to the <sup></sup><b>[</b><i>assessee or e-commerce operator</i><b>]</b> specifying the sum determined to be payable by, or the amount of refund due to, him under clause (<i>c</i>); and</td></tr><tr><td>(<i>e</i>)</td><td></td><td>the amount of refund due to the <sup></sup><b>[</b><i>assessee or e-commerce operator</i><b>]</b> in pursuance of the determination under clause (<i>c</i>) shall be granted to him:</td></tr></table></div><p><b>Provided</b> that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the <sup></sup><b>[</b><i>statement or revised statement</i><b>]</b> is furnished.</p><p><span class=\"num\">(2)</span> For the purposes of processing of statements under sub-section (1), the Board may make a scheme for centralised processing of such statements to expeditiously determine the tax payable by, or the refund due to, the <sup></sup><b>[</b><i>assessee or e-commerce operator</i><b>]</b> as required under that sub-section.</p><p>1. Substituted for \"assessee\" by the Finance Act, 2020 w.e.f. <b>1-4-2020.</b></p><p>2. Substituted for \"sum deductible\" by the Finance Act, 2020 w.e.f. <b>1-4-2020.</b></p><p>3. Substituted for \"section 166\" by the Finance Act, 2020 w.e.f. <b>1-4-2020.</b></p><p>4. Substituted for \"statement\" by the Finance Act, 2020 w.e.f. <b>1-4-2020.</b></p>","words":319,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/168/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}