WebSep 15, 2024 · The Income Tax Department may send an intimation to the taxpayer when it has a tax demand pending or when the taxpayer has claimed a refund from the department for some other assessment year. This is sent under Section 245 of the Income Tax Act, that empowers the assessing officer (AO) to adjust the previous year’s demand of tax payable … WebFile Now with TurboTax. We last updated New York Form IT-245 in January 2024 from the New York Department of Taxation and Finance. This form is for income earned in tax year …
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Webporation Tax or Business Corporation Tax. For taxable years beginning in 1996 and thereafter, entities taxable as corporations for federal income tax purposes under IRC §7701(a)(3) and §7704 are considered cor-porations for purposes of the General Corpo-ration Tax. A corporation subject to General Corporation Tax or Business Cor- WebMar 8, 2024 · Section 245 of IT Act 1961 provides for Set off of refunds against tax remaining payable. Recently, we have discussed in detail section 244A (Interest on refunds) of IT Act 1961. Today, we learn the provisions of section 245 of Income-tax Act 1961. rcw jail records confidential
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WebSep 13, 2024 · Section 245 empowers the income tax authorities to adjust any previous year’s demand with the refund amount due to the taxpayer. There is no time limitation for adjusting outstanding demands ... Web(1) A corporation is allowed a deduction under section 245 (a) for dividends received from a foreign corporation (other than a foreign personal holding company as defined in section 552) which is subject to taxation under chapter 1 of the Code if, for an uninterrupted period of not less than 36 months ending with the close of the foreign … WebMay 11, 2024 · Section 245-I of the Income Tax Act: Order of settlement to be conclusive. Every order of settlement passed under sub-section (4) of section 245D shall be conclusive as to the matters stated therein and no matter covered by such order shall, save as otherwise provided in this Chapter, be reopened in any proceeding under this Act or under … how to speed read the bible