Notice u/s 245 for AY 2024-25 | Refund Kept on Hold | Outstanding Demand से Refund Adjust होगा | ITR
Notice u/s 245 for AY 2024-25 | Refund Kept on Hold | Outstanding Demand से Refund Adjust होगा | ITR
Your Query
Section 245 of the Income Tax Act empowers the assessing officer (AO) to adjust the refund (or a part of the refund) against any tax demand that is outstanding from the taxpayer. In simple words, the IT department wants to adjust the refund due against a demand due
from you.
Intimation u/s 245 is a type of notice/intimation issued by the Income Tax Department to inform you that they are adjusting your previous year's pending tax payable with the current
year's refund.
Section 245 of the income tax act gives the Income Tax Department power to adjust any previous year's demand of tax payable with the current year's refund.
But to exercise this power, it's mandatory on their part to send intimation under section 245 of the income tax act to the taxpayers and allow them to submit their response on it whether they agree with it.
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Desclaimer
This video is merely a guide meant for learning purpose only. All the instructions, references, content or documents are for educational purpose only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisor as to the risks involved may be obtained and necessary due diligence, etc..may be done at end.
Copyright Disclaimer under Section 107 of the copyright act 1976, allowance is made for fair use for purposes such as criticism, comment, news reporting, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favour of fair use.
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Your query
your refund is proposed to be adjusted
against an outstanding demand
intimation u/s 245
intimation u/s 245 issued
refund adjusted against outstanding demand
refund kept on hold intimation u/s 245 is issued
adjusted refund amount
intimation u/s 245 password
your refund is proposed to be adjusted
against an outstanding demand (is) -
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.............................................................
The examples used are for Illustration purpose only.
Comment in comments section if you have any queries.
............................................................
Desclaimer
This video is merely a guide meant for learning purpose only. All the instructions, references, content or documents are for educational purpose only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisor as to the risks involved may be obtained and necessary due diligence, etc..may be done at end.
Copyright Disclaimer under Section 107 of the copyright act 1976, allowance is made for fair use for purposes such as criticism, comment, news reporting, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favour of fair use