CBDT revises monetary limits for condoning delay in claiming refunds or loss carry forward

CBDT revises monetary limits for condoning delay in claiming refunds or loss carry forward vide circular number 07/2023 dated 31/05/2023

Condonation of delay in carry forward of Loss

CA Pratibha Goyal | Jun 1, 2023 |

CBDT revises monetary limits for condoning delay in claiming refunds or loss carry forward

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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