India: Guidelines for applications to excuse delay in claiming refunds

Guidelines for taxpayers belatedly seeking refunds and carry-forward of loss

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October 9, 2024

The Central Board of Direct Taxes (CBDT) issued a circular providing guidelines for applications to excuse delay in filing income tax returns claiming refunds and carry-forward of loss.

  • The application needs to be filed with the prescribed income tax authority, depending upon the amount of the claim.
  • The application can be filed within six years from the end of the relevant financial year.
  • The application may be disposed-off within six months, if possible.
  • A belated application for claim of additional refund after completion of the assessment can be admitted subject to the fulfilment of the additional conditions.
  • The tax authorities may make inquire to determine the merits of the claim and condonation may be granted when the delay is on account of a reasonable cause.

Read an October 2024 report prepared by the KPMG member firm in India

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