15 July 2008
If an Assesse has paid advance tax of i.e.Rs.50,000 and at the time of filling of return he found that the amount of i.e.Rs.10,000 is refundable to him by Income Tax department.
Now can he adjust the amount of refundable to him against the next year as an advance tax payment?
Or
Any kind of carry forward of excess tax paid is allowed in Income tax?
If yes then pls provide section or circular relevant to it.
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