CBDT Notifies New Monetary Limits For Condonation Of Delay In Filing Refund Claim And Claim Of Carry Forward Of Losses
Live LawThe 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 under Section 119 of the Income-tax Act, 1961.The Principal Commissioners of Income-tax/Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of applications/claims if the. The 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 under Section 119 of the Income-tax Act, 1961. The Principal Commissioners of Income-tax/Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of applications/claims if the amount of the claims is not more than Rs.50 lakhs for any one assessment year. The Chief Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of applications/claims if the amount of claims exceeds Rs.50 lakhs but is not more than Rs.2 crores for any one assessment year.