CBDT, vide Circular No.7 of 2023 dated 31.05.2023, revises monetary limits for condoning delay in filing return of income claiming refund or carry forward of losses and set-off under Section 119(2)(b) by partially modifying its earlier Circular No.9/2015; PCITs/CITs shall be vested with powers of acceptance or rejection of application where amount of claim is not more than Rs. 50 Lakh for any one Assessment year and where such claim amount exceeds Rs. 50 Lakh but is not more than Rs. 2 Cr, CCITs shall be vested with the power of acceptance or rejection; PCCITs shall be vested with powers where claim exceeds Rs. 2 Cr but is not more than Rs. 3 Cr in any one Assessment year; Claims exceeding Rs. 3 Cr shall be considered by CBDT; The revised monetary limits shall apply with respect to applications/claims filed on or after 01.06.2023; The other guidelines prescribed in the earlier circular of 2015 shall remain unchanged.
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