Finance Ministry releases new norms for handling delayed tax refund claims

Date:

New Delhi, Oct 2: Ministry of Finance has released new guidelines for handling delayed tax refund claims and loss carry forward applications. The new guidelines issued on Tuesday increase the limit of tax refund claim amount in condonation of delay cases which will help taxpayers who missed filing any ITR though had a tax refund due to him/her.

Here are the details of the new norms as per a circular received by Ziraat Times.

“… the present circular is being issued to deal with the applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set off thereof containing comprehensive guidelines on the conditions for condonation and the procedures to the followed for deciding such matters,” said Central Board of Direct Taxes (CBDT) under Ministry of Finance in the  circular.

Tiered authority structure: The circular establishes a three-tier system for processing applications based on claim amounts:
Claim amount: Less than or equal to Rs 1 crore
– The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr. CsIT/CsIT) will have the authority to either accept or reject applications if the claimed amount is less than or equal to Rs 1 crore for an assessment year.
Tiered authority structure: The circular establishes a three-tier system for processing applications based on claim amounts:
Claim amount: Less than or equal to Rs 1 crore
– The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr. CsIT/CsIT) will have the authority to either accept or reject applications if the claimed amount is less than or equal to Rs 1 crore for an assessment year.
Claim amount: Between Rs 1- 3 crore
The Chief Commissioners of Income-tax (CCsIT) will have the authority to either accept or reject applications if the claimed amount is Rs 1 crore but is not more than Rs 3 crore.
Claim amount: Above Rs 3 crore
The Principal Chief Commissioners of Income-tax (Pr. CCsIT) will have the authority to either accept or reject applications if the claimed amount is above Rs 3 crore.
Time limit: A strict five-year limit from the end of the assessment year has been imposed for filing condonation applications. This rule applies to all applications filed on or after October 1, 2024.

Ziraat Times Web Team
Ziraat Times Web Teamhttps://ziraattimes.com/
J&K's leading media institution covering business, economy, agri-economy and current affairs.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe

Popular

More like this
Related

Latest apple prices in J&K wholesale markets – Ziraat Times Mandi Pulse

Srinagar (Ziraat Times Team Report): Apple prices in Srinagar...

As food prices surge, inflation hits 14-month high of 5.81%

New Delhi (Reuters): Consumer price inflation in India climbed...

Finally, rain, snowfall likely in Kashmir and Jammu parts this week

Srinagar: Light to medium rainfall in the plains of...

J&K’s cold storage industry holds both promise and challenges

ZIRAAT TIMES EDITORIAL BOARD  The cold storage industry in Jammu...