The Ministry of Finance has released comprehensive guidelines to streamline the handling of delayed tax refund claims and loss carry forward applications. These guidelines aim to reduce bureaucratic delays, especially in cases where taxpayers missed filing their income tax returns (ITR) but had refunds due. A tiered authority system and specific time limits have been introduced, making the process smoother and quicker.
The new circular from the Central Board of Direct Taxes (CBDT) under the Ministry of Finance introduces a structured approach to condonation of delay applications. Taxpayers will no longer need to approach higher authorities if the tax refund amount increases, and a five-year time limit has been imposed for filing condonation applications.
Authorities must dispose of refund applications within six months of receipt. The new norms aim to foster trust by ensuring timely refunds, reducing the need for taxpayer intervention, and improving compliance ease. These guidelines represent a step towards simplifying the tax administration process for taxpayers.
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