# The Finance Act, 2016, Section 168: Processing of statement

- Act: The Finance Act, 2016
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2016/section/168/

## 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.

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