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The Central Board of Direct Taxes (CBDT) has unveiled new guidelines for addressing delayed tax refund claims.

Banking & Finance | Dated: 09 Oct 2024

On October 1, 2024, the Central Board of Direct Taxes (CBDT), part of the Department of Revenue (DoR) under the Ministry of Finance (MoF), released new guidelines to address delays in submitting Income Tax Returns (ITR). These guidelines specifically cover claims for refunds related to carrying forward losses under Section 119 (2) (b) of the Income-Tax (IT) Act, 1961.

🎯 Key Highlights:

  • - These new guidelines replace any previous instructions or guidelines that were previously in effect.
  • - To streamline the process, the CBDT has introduced a three-tier system for processing applications, which is based on the amount of the claim.

💡 Other Important Facts:

  • The new guidelines stipulate that a time limit for filing such applications—specifically, within five years from the end of the relevant assessment year—will apply to applications submitted on or after October 1, 2024.

📚 Test Your Knowledge:

Recently guidelines released by CBDT are aimed at which of the following?

Correct Answer: Delayed tax refunds

🚀 Quick Recap:

About Central Board of Direct Taxes (CBDT),

  • Chairperson: Ravi Agarwal
  • Headquarters: New Delhi