CA Sansaar
CBDT issues new guidelines for handling delayed income tax refund claim
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The Central Board of Direct Taxes (CBDT) has issued new guidelines for condonation of delay in filing income tax returns (ITRs) claiming refunds or carrying forward losses. These rules supersede all previous instructions.
Claims up to ?1 crore: Principal Commissioners of Income Tax (Pr. CsIT) can decide these cases.
Claims between ?1 crore and ?3 crore: Chief Commissioners (CCsIT) have the authority.
Claims exceeding ?3 crore: Principal Chief Commissioners (Pr. CCsIT) will handle these applications.
Additionally, Bengaluru’s Central Processing Centre (CPC) is empowered to process applications related to verifying ITR-V forms delayed beyond the set time.
Taxpayers must file condonation applications within five years from the end of the assessment year for claims of refunds or losses.
This rule applies to applications filed after October 1, 2024.
Claims up to ?1 crore: Principal Commissioners of Income Tax (Pr. CsIT) can decide these cases.
Claims between ?1 crore and ?3 crore: Chief Commissioners (CCsIT) have the authority.
Claims exceeding ?3 crore: Principal Chief Commissioners (Pr. CCsIT) will handle these applications.
Additionally, Bengaluru’s Central Processing Centre (CPC) is empowered to process applications related to verifying ITR-V forms delayed beyond the set time.
Taxpayers must file condonation applications within five years from the end of the assessment year for claims of refunds or losses.
This rule applies to applications filed after October 1, 2024.
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