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of <h1>New CBDT Circular Clarifies Belated Refund Claims u/s 237; Approval Tiers for Refunds Up to Rs. 1 Lakh.</h1> The Central Board of Direct Taxes issued a circular clarifying the procedure for admitting belated refund claims under section 237 of the Income-tax Act, 1961. Effective from November 1, 1993, Assessing Officers can admit such claims if the refund does not exceed Rs. 1 lakh per assessment year. For refunds up to Rs. 10,000, prior approval from the Commissioner of Income-tax is required, and for refunds between Rs. 10,000 and Rs. 1 lakh, approval from the Chief Commissioner or Director-General is necessary. The circular outlines conditions for eligibility and modifies previous instructions, ensuring compliance with section 119(2)(b).
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