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