CBDT revises monetary limits for condonation applications for claiming refund or carry forward of losses and set-off for application filed on or after June 01, 2023 vide Circular No. 07/2023 on 31st May 2023.
CBDT issued Circular No. 07/2023 on 31st May 2023, regarding condonation of delay in filing Income Tax refund claims and claims of carry forward of losses under Section 119(2)(b) of the Income-tax Act, 1961. Circular No. 07/2023 modifies the monetary limits for acceptance or rejection of such applications or claims by different authorities. The revised limits specify the powers of acceptance/rejection based on the amount of the claims for each assessment year. The circular also mentions that these revised monetary limits will be applicable to applications/claims filed on and after 1st June 2023, while the other guidelines prescribed in Circular No. 09 of 2015 remain unchanged.
F. No. 312/63/2023-OT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, dated 31st May, 2023
Subject: 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.
Circular No 09 of 2015 (the Circular) dated 09-06-2015 in F. No. 312/22/2015-OT by Central Board of Direct Taxes (the Board) was issued in supersession of all earlier Instructions/Circulars/Guidelines. The Circular prescribed comprehensive guidelines on the conditions and procedure to be followed for deciding applications for condonation of delay in filing Returns of Income (RsOI) claiming refund and RsOI claiming carry forward of loss and setoff thereof under section 119(2)(b) of the Income-tax Act, 1961.
2. On consideration, the monetary limits specified in Para No 2 of the Circular are modified as under:
(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.
3. The above revised monetary limits for applications/claims in respect of the competent authorities specified hereinabove shall be applicable to the applications/ claims filed on and after 01-06-2023.
4. The other guidelines prescribed in Circular No 09 of 2015 (the Circular) dated 09-06-2015 shall remain unchanged.
Director (OT & WT)
1. Chairperson and Members, CBDT
2. All Pr. CCsIT/CCsIT/ pr. DGsIT/ for Circulation in their region.
3. All Jt. Secretaries/CsIT/Directors/Dy. Secretaries/Under Secretaries, CBDT
4. C & AG of India
5. ADC (PR & PP) for printing in the quarterly tax bulletin and for circulation as per usual mailing list
6. Web Manager, with a request to place the Circular on official Income-tax website
7. JDIT, Data Base Cell for placing it on the website irsofficersonline.gov.in
8. The Guard File