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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
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] |
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