CBDT revises monetary limits for condoning delay in claiming refunds or loss carry forward vide circular number 07/2023 dated 31/05/2023
CA Pratibha Goyal | Jun 1, 2023 |
CBDT revises monetary limits for condoning delay in claiming refunds or loss carry forward
The Central Board of Direct Taxes (CBDT) vide circular number 07/2023 dated 31/05/2023 has revised monetary limits for condoning delay in claiming refunds or loss carry forward.
The new limits are as follows:
(i) The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr. CsIT /CsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims is not more than Rs. 50 lakhs for any one assessment year.
(ii) The Chief Commissioners of Income-tax (CCsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs. 50 lakhs but is not more than Rs. 2 crores for any one assessment year.
(iii) 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 such claims exceeds Rs. 2 crores but is not more than Rs. 3 crores for any one assessment year.
(iv) The applications/ claims for amounts exceeding Rs. 3 crores shall be considered by the Board.
Click on the below link to download the circular
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