Revision in limits for Condonation of delay in filing applications for refund or set off of losses:

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Revision in limits for Condonation of delay in filing applications for refund or set off of losses:

  1. The CBDT has issued Circular No. 07/2023 dated May 31, 2023 regarding the 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 (“the IT Act”).
  1. Circular No. 09 of 2015 (the Circular) dated June 09, 2015 in F. No.312/22/2015-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 set- off.
  1. Circular 07/2023, has revised the the monetary limits 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.

  1. 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 June 01, 2023.
  1. The other guidelines prescribed in Circular No. 09 of 2015 dated June 09, 2015 shall remain unchanged.
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