{"id":24651,"date":"2023-06-03T16:03:04","date_gmt":"2023-06-03T10:33:04","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=24651"},"modified":"2023-07-20T23:22:57","modified_gmt":"2023-07-20T17:52:57","slug":"condonation-of-delayed-of-refund","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/condonation-of-delayed-of-refund\/","title":{"rendered":"Limits for Condonation of Delayed of Refund Claim, C\/F Loss"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a0605740157f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a0605740157f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/condonation-of-delayed-of-refund\/#New_Monetary_Limits_for_Condonation_of_Delayed_Filing_of_Refund_Claims_CF_Losses\" title=\"New Monetary Limits for Condonation of Delayed Filing of Refund Claims &amp; C\/F Losses\">New Monetary Limits for Condonation of Delayed Filing of Refund Claims &amp; C\/F Losses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/condonation-of-delayed-of-refund\/#Set-Off_and_Carry_Forward_Set-Off_of_Losses\" title=\"Set-Off and Carry Forward &amp; Set-Off of Losses\">Set-Off and Carry Forward &amp; Set-Off of Losses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/condonation-of-delayed-of-refund\/#Condonation_of_Delayed_income_tax_refund\" title=\"Condonation of Delayed income tax refund.\">Condonation of Delayed income tax refund.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/condonation-of-delayed-of-refund\/#Increase_in_Powers_to_deal_refundloss_wef_01-06-2023\" title=\"Increase in Powers to deal refund\/loss w.e.f. 01-06-2023.\u00a0\">Increase in Powers to deal refund\/loss w.e.f. 01-06-2023.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/condonation-of-delayed-of-refund\/#Central_Board_of_Direct_Taxes_also_has_powers_to_examine_grievances\" title=\"Central Board of Direct Taxes also has powers to examine grievances\">Central Board of Direct Taxes also has powers to examine grievances<\/a><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-24653\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/New-Monetary-Limits-for-Condonation-of-Delayed-Filing-of-Refund-Claims-CF-Losses..jpg\" alt=\"New Monetary Limits for Condonation of Delayed Filing of Refund Claims &amp; CF Losses.\" width=\"892\" height=\"514\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/New-Monetary-Limits-for-Condonation-of-Delayed-Filing-of-Refund-Claims-CF-Losses..jpg 611w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/New-Monetary-Limits-for-Condonation-of-Delayed-Filing-of-Refund-Claims-CF-Losses.-300x173.jpg 300w\" sizes=\"(max-width: 892px) 100vw, 892px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"New_Monetary_Limits_for_Condonation_of_Delayed_Filing_of_Refund_Claims_CF_Losses\"><\/span><span style=\"color: #000080;\"><strong>New Monetary Limits for Condonation of Delayed Filing of Refund Claims &amp; C\/F Losses<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Central Board of Direct Taxes has issued new monetary limits in respect of condonation of delay in filing refund claim and claim of carry forward of losses u\/s 119(2)(b) of the Income-tax Act, 1961. Now Lower Income tax authorities empowered to deal higher refunds w.e.f. 01s June 2023: Circular 7\/2023.<\/li>\n<li>Where the time period of filing of return as per section 139 has expired and assesse couldn\u2019t claim Income Tax refund or loss, due to genuine hardship, section 119(2)(b) empowers claim of refund\/ loss as per procedure laid down in Circular 9\/2015 dated 09-06-2015.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Set-Off_and_Carry_Forward_Set-Off_of_Losses\"><\/span><span style=\"color: #000080;\"><strong>Set-Off and Carry Forward &amp; Set-Off of Losses<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25119\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/Set-Off-and-Carry-Forward-Set-Off-of-Losses.jpg\" alt=\"Set-Off and Carry Forward &amp; Set-Off of Losses\" width=\"935\" height=\"1171\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/Set-Off-and-Carry-Forward-Set-Off-of-Losses.jpg 935w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/Set-Off-and-Carry-Forward-Set-Off-of-Losses-240x300.jpg 240w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/Set-Off-and-Carry-Forward-Set-Off-of-Losses-818x1024.jpg 818w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/Set-Off-and-Carry-Forward-Set-Off-of-Losses-768x962.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/Set-Off-and-Carry-Forward-Set-Off-of-Losses-800x1002.jpg 800w\" sizes=\"(max-width: 935px) 100vw, 935px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Condonation_of_Delayed_income_tax_refund\"><\/span><span style=\"color: #000080;\">Condonation of Delayed income tax refund.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The Condonation application for claim of refund or supplementary claim of refund or loss has to be made with in six ears (excluding period for which proceedings were pending before Court) from end of relevant Ay &amp; such applications for condonation are required to be processed within Six months from end of month in which application is made.<\/li>\n<li>Income Tax Refund claims u\/s 119(2)(b) can be made only for excess amount of Tax deducted at source \/ Tax collection at source\/advance tax\/self-assessment tax. No Interest is allowed on income Tax refund claim or supplementary refund claim.<\/li>\n<li>Tax authority has to ensure that the refund\/loss claim is correct and genuine and there was genuine hardship. The Income Tax authority empowered to deal with delayed refund\/loss claim can direct jurisdictional Assesse Officer to conduct enquiry or scrutinize to ascertain correctness of claim.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-18185\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2019\/03\/Track-of-the-status-of-my-tax-refund.jpeg\" alt=\"How can I keep track of the status of my tax refund\" width=\"841\" height=\"471\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Increase_in_Powers_to_deal_refundloss_wef_01-06-2023\"><\/span><span style=\"color: #000080;\"><strong>Increase in Powers to deal refund\/loss w.e.f. 01-06-2023.\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Power of Principal Commissioners of Income-tax\/Commissioners of Income-tax to deal with claims increased from INR 10,00,000\/- to 50,00,000\/- per Ay.<\/li>\n<li>Commissioners of Income-tax power to deal with Income Tax refund\/loss claims increased from INR 50,00,000\/- to 2,00,00,000\/-. Commissioners of Income-tax can\u2019t deal with claims below INR 50,00,000\/-.<\/li>\n<li>Principal Commissioners of Income-tax power to deal with Income Tax refund\/loss claims increased from INR 50,00,000\/- to 3,00,00,000\/-.. Principal Commissioners of Income-tax can\u2019t deal with claims below INR 2,00,00,000\/-.<\/li>\n<li>Central Board of Direct Taxes now shall deal with claims above INR 3,00,00,000\/-..only (as against earlier limit of refund\/loss claims above INR 50,00,000\/-)<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Central_Board_of_Direct_Taxes_also_has_powers_to_examine_grievances\"><\/span><span style=\"color: #000080;\"><strong>Central Board of Direct Taxes also has powers to examine grievances<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Central Board of Direct Taxes also has powers to examine grievances under this Circular for passing or not passing orders by Income Tax authorities.<\/p>\n<ul>\n<li>Principal Commissioners of Income-tax\/Commissioners of Income-tax shall be vested with the powers of acceptance\/rejection of claims or applications if the amount of the claims is not exceeds INR 50,00,000\/- for any one Ay.<\/li>\n<li>Chief Commissioners of Income-tax shall be vested with the powers of acceptance\/rejection of applications\/claims if the amount of claims exceeds INR 50,00,000 However is not more than INR 2 Cr for any 1 Ay.<\/li>\n<li>Principal Chief Commissioners of Income-tax shall be vested with the powers of acceptance\/rejection of such applications\/claims if the amount of claims exceeds INR 2 Cr but is not more than INR 3 Cr for any one Ay.<\/li>\n<li>Claims or applications for amounts more than INR 3 Cr shall be considered by the Central Board of Direct Taxes.<\/li>\n<\/ul>\n<p>The revised monetary limits for applications\/claims in respect of the competent authorities shall be applicable to the applications\/ claims filed on and after June 1, 2023. Central Board of Direct Taxes also given guidelines specified in Income tax Circular No. 09 dated 09-06- 2015 shall remain unchanged. Circular No. 07\/2023 Date: 31\/05\/2023<\/p>\n<p><a href=\"https:\/\/carajput.com\/press-releases\/monetary-limits-for-condonation-of-delayed-filing-of-refund-claims.pdf\"><strong>Click Here To Read The Income Tax Circular\u00a0<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Monetary Limits for Condonation of Delayed Filing of Refund Claims &amp; C\/F Losses Central Board of Direct Taxes has issued new monetary limits in respect of condonation of delay in filing refund claim and claim of carry forward of losses u\/s 119(2)(b) of the Income-tax Act, 1961. Now Lower Income tax authorities empowered to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24651"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=24651"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24651\/revisions"}],"predecessor-version":[{"id":25121,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24651\/revisions\/25121"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=24651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=24651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=24651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}