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