HIGHLIGHT ON GUIDELINES BY CBDT

APPLICATIONS FOR CONDONATION OF DELAY IN FILING RETURNS CLAIMING REFUND AND RETURNS CARRY FORWARD OF LOSS AND SET-OFF

Comparison of New guidelines  with Existing/earlier  GuidelinesNew:         Circular 09/2015 dated 9-6-2015VSEarlier:    Instructions 13/2006 dated 22-12-2006
I.       Powers to entertain application
Designation Amount of claim Condition Remark Earlier CBDTinstructions 13/2006 dated 22-12-2006
Principal Comm. / Commissioner =<10 lacs Any one assessment year. If assess filed application for 2 years and amount is less than or equal to 10 lacs in any one year, it will be covered in this category. Same provision except same power given to Principal Commissioner also.
Principal chief Comm. / Chief Commissioner >10 lacs=50 lacs Any one assessment year. If assess filed application for 2 years and amount is less than or equal to 50 lacs in any one year, it will be covered in this category. Same provision except same power given to Principal Chief Commissioner also.
Board i.e. CBDT >50 lacs Any one assessment year. If assess filed application for 2 years and amount is less than or equal to 50 lacs in any one year, it will be covered in this category. Same provision

II.    Application for condonation for claim of refund / loss can be made within 6 years from the end of the assessment year for which such application / claim is made. [Same provision in  earlier instructions 13/2006 dated 22-12-2006 ]

III. Application received for condonation of claim of refund / loss will be disposed within 6 months from the end of month in which application is received by the competent authority as far as possible. [NEW INSTRUCTION INTRODUCED]

IV. If refund claim arise from the Court order, the period for which such proceedings were pending before any court of Law shall be ignored subject to such condonation application is filed within 6 months from the end of month in which order passed or the end of financial year, whichever is later. [NEW INSTRUCTION INTRODUCED]

V.    Conditions :-

a.    Income / loss declared and/ or refund claimed should be correct and genuine and case should be genuine hardship on merits.

b.    Respective authorities authorise to accept such application have empowered to direct the jurisdictional AO to make necessary enquiry or scrutinize the case as per provisions of the Act.  [Same provision in  earlier instructions 13/2006 dated 22-12-2006 ]

VI. In case of supplementary claim of refund, belated application can be accepted subject to further conditions:-

a.    Income of the assess is not assessable in the hands of any other person

b.    No interest on belated claim of refunds

c.    If claim arise due to excess TDS / TCS or excess advance tax payment or excess self-assessment tax [Same provision in  earlier instructions 13/2006 dated 22-12-2006 ]

VII.       Special provision in case of applicant who has made investment in 8% Savings (Taxable) Bonds, 2003 Issued by GOI and opt for scheme of cumulative interest on maturity but has accounted interest earned on mercantile basis – Time limit of 6 years will not be applicable. [NEW INSTRUCTION INTRODUCED]

VIII.           These guidelines will be application on all application / claims pending as on the date of issue of the Circular. [Same provision in  earlier instructions 13/2006 dated 22-12-2006 ]

IX. Board is authorised to examine any grievance arising out of an order passed or not passed by the authority concerned and can issue directions. BUT NO REVIEW OR APPELAL WILL BE ENTERTAINED BY THE BOARD. [NEW INSTRUCTION INTRODUCED]

Income Tax Deductions applicable for the Financial Year 2024-25

All the Important Income Tax Applicable Due Dates & Limits

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: singh@carajput.com or call at 9555555480

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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