Revised guidelines on the conditions and procedure to be followed for deciding applications for condonation of delay in filing Returns of Income

Central Board of Direct Taxes vide notification dated 31st May, 2023 has issued revised guidelines on the conditions and procedure to be followed for deciding applications for condonation of delay in filing Returns of Income (RsOI), claiming refund or claiming carry forward of loss and setoff.

The guidelines published earlier provided for following procedure:

1. The Principal Commissioners of Income-tax/Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims is not more than Rs.10 lakhs for any one assessment year.
2. The Principal Chief Commissioners of Income-tax/Chief Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs.10 lakhs but is not more than Rs. 50 lakhs for any one assessment year.
3. The applications/claims for amount exceeding Rs.50 lakhs shall be considered by the Board.

The previous comprehensive guidelines is hereby amended to provide following revised directions:

1. The Principal Commissioners of Income-tax/Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of such applications/ claims if the amount of such claims is not more than Rs.50 lakhs for anyone assessment year.
2. The Chief Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs.50 lakhs but is not more than Rs.2 crores for any one assessment year.
3. The Principal Chief Commissioners of Income-tax shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs.2 crores but is not more than Rs.3 crores for anyone assessment year.
4. The applications/claims for amounts exceeding RS.3 crores shall be considered by the Board.

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 01-06-2023.