Quick Summary
The Income Tax Department has issued a circular revising the time frame for taxpayers to claim refunds for old returns. The period, previously set at six years, has now been reduced to five years from the last date of filing the return for the relevant financial year. Key Changes Under the New Ci
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FAQ :
The time limit for claiming income tax refunds for old returns has been reduced to five years from the last date of filing the return for the relevant financial year.
Previously, the time limit for claiming income tax refunds was six years.
The government aims to improve the efficiency of the Income Tax Department and reduce the backlog of pending refund cases by streamlining the process.
No, previous circulars that allowed for delayed refund claims beyond six years under certain conditions have been nullified. There is no leeway for delays beyond the new five-year limit.
Taxpayers need to ensure greater accuracy in their return filings and strictly adhere to the new five-year deadline to avoid missing their refund entitlement.
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