The Central Board of Direct Taxes, (CBDT) on October 01, 2024, issued an Order Authorizing Income-tax authorities to admit an application or claim for refund and carry forward of loss and set off thereof under section 119(2)(b) of the Income-tax Act, 1961.
New guidelines for condoning delays in filing tax returns that claim refunds or carry forward losses under Section 119(2)(b) of the Income-tax Act, 1961. Depending on the claim amount, the powers of acceptance or rejection are vested with various authorities (Pr. CsIT, CCsIT, Pr. CCsIT). The time limit for condonation applications is five years from the end of the assessment year, and decisions should be made within six months of receiving the application.
Additional conditions apply for claims related to court orders or supplementary refunds, and no interest will be paid on belated refund claims. The new rules are effective from October 1, 2024, and apply to both new and pending application
[Notification No. 11 /2024]
