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of <h1>New Guidelines Allow Tax Authorities to Handle Delay Applications for Refunds and Losses u/s 119(2)(b.</h1> The circular, issued by the Central Board of Direct Taxes on October 1, 2024, supersedes previous guidelines and authorizes income-tax authorities to handle applications for condonation of delay in filing returns claiming refunds and carrying forward losses under Section 119(2)(b) of the Income-tax Act, 1961. It establishes monetary limits for different tax authorities to accept or reject claims and imposes a five-year limit for filing such applications. The circular outlines conditions for acceptance, including reasonable cause and genuine hardship, and specifies that no interest will be paid on delayed refund claims. The Board retains the power to address grievances related to these decisions.
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