Amended and updated notes on section 237 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Refunds.
Chapter XIX (Sections 237 to 245) of the Income Tax Act 1961 deals with the provisions related to refunds. Section 237 of IT Act 1961 provides for Refunds.
Recently, we have discussed in detail section 236 (Relief to company in respect of dividend paid out of past taxed profits) of IT Act 1961. Today, we learn the provisions of section 237 of Income-tax Act 1961. The amended provision of section 237 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 237 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-237: Refunds
If any person satisfies the Assessing Officer that the amount of tax paid by him or on his behalf or treated as paid by him or on his behalf for any assessment year exceeds the amount with which he is properly chargeable under this Act for that year, he shall be entitled to a refund of the excess.