CBDT Revises Monetary Limits to Decide Condonation Requests in Refund Claims & Carry Forward Losses

 ​    Circular No. 07/2023, dated 31-05-2023 … Continue reading “CBDT Revises Monetary Limits to Decide Condonation Requests in Refund Claims & Carry Forward Losses”
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Circular No. 07/2023, dated 31-05-2023

The CBDT vide Circular 9/2015, dated 09-06-2015, issued instructions to deal with the applications for condonation of delay in filing returns claiming refund and returns claiming to carry forward of loss and set-off thereof under section 119(2)(b). Said circular prescribed comprehensive guidelines on the conditions and procedure to be followed for deciding applications for condonation of delay in filing returns of income.

Para 2 of the circular also specified monetary limits for the Income-tax officers to accept requests for condonation applications. Now, the Board has revised such monetary limits, which are as follows:

a) The Pr. Commissioners of Income-tax/Commissioners of Income-tax shall be vested with the powers to decide applications if the claim amount is not more than Rs. 50 lakhs for any one assessment year.

b) The Chief Commissioners of Income-tax shall be vested with the powers to decide applications if the amount of claim exceeds Rs. 50 lakhs but not more than Rs. 2 crores for any assessment year.

c) The Principal Chief Commissioners of Income-tax shall be vested with the powers to decide applications if the amount of claim exceeds Rs. 2 crores but is not more than Rs. 3 crores for any one assessment year.

d) The applications/claims for amounts exceeding Rs. 3 crores shall be considered by the Board.

The revised monetary limits shall apply to the applications/claims filed on and after 01-06-2023.

Click Here To Read The Full Circular

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