CBDT Notifies New Monetary Limits For Condonation Of Delay In Filing Refund Claim And Claim Of Carry Forward Of Losses

The Central Board of Direct Taxes (CBDT) has issued new monetary limits in respect of condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the Income-tax Act, 1961.

The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr. CsIT/CSIT) shall be vested with the powers of acceptance/rejection of applications/claims if the amount of the claims is not more than Rs.50 lakhs for any one assessment year.

The Chief Commissioners of Income-tax (CCSIT) shall be vested with the powers of acceptance/rejection of applications/claims if the amount of claims exceeds Rs.50 lakhs but is not more than Rs.2 crores for any one assessment year.

The Principal Chief Commissioners of Income-tax (Pr. CCSIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of claims exceeds Rs.2 crores but is not more than Rs.3 crores for any one assessment year.

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

The revised monetary limits for applications/claims in respect of the competent authorities shall be applicable to the applications/ claims filed on and after June 1, 2023.

The other guidelines prescribed in Circular No. 09 of 2015 dated 09-06- 2015 shall remain unchanged.

Circular No. 07/2023

Date: 31/05/2023

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