Quick Summary
The Central Board of Direct Taxes (CBDT) issued Circular No. 11/2024 on October 1, 2024, establishing new guidelines for condoning delays in filing income tax returns (ITRs) claiming refunds or carrying forward losses under Section 119(2)(b) of the Income-tax Act, 1961. This circular supersedes all prior instructions and introduces a structured approach to managing delay-related claims based on monetary thresholds. Key Highlights of the Circular Monetary Limits for Authorities: Principa
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FAQ :
The circular establishes new guidelines for condoning delays in filing income tax returns (ITRs) when claiming refunds or carrying forward losses, aiming to provide a structured and efficient process for taxpayers.
Principal Commissioners of Income Tax can handle claims up to £1 crore, Chief Commissioners can address claims between £1 crore and £3 crore, and Principal Chief Commissioners are responsible for claims exceeding £3 crore.
Yes, no application will be considered if it is filed beyond five years from the end of the relevant assessment year. This applies to all applications submitted from October 1, 2024, onwards.
The Central Processing Centre (CPC) in Bengaluru is now authorised to process applications for condonation of delay in verifying income tax returns.
Authorities are required to dispose of applications within six months of their receipt.
Yes, belated applications for supplementary refund claims can be admitted if certain conditions are met, including that the refund arises from excess tax deducted at source, excess advance tax payment, or excess self-assessment tax payment.
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