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Taxation Central Ministry of Finance Income Tax Act, 1961

Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2b) of the Income-tax Act, 1961

31-May-2023 | Circular No. 07/2023

CBDT has issued a circular regarding the Condonation of delay in filing refund claims and claim of carry forward of losses under Section 119(2b) of the Income-tax Act, 1961.

By virtue of this circular, the comprehensive guidelines on the conditions and procedures to be followed for deciding applications for condonation of delay in filing Returns of Income (RsOI) claiming refund and RsOI claiming to carry forward of loss and setoff. The monetary policy specified in Para No. 2 of the circular dated 9th July 2015 has been modified.

Further, the above revised monetary limits for applications/ claims in respect of the competent authorities specified hereinabove shall be applicable to the applications/ claims filed on and after 1st June 2023.

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