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of <h1>Revised Tax Credit Procedures: Increased ITO Countersigning Limit, New Verification Guidelines & Authority Roles Outlined.</h1> The circular outlines revised procedures for granting tax credit in cases where original challans are missing, following the introduction of a new tax payment scheme. It raises the limit for countersigning by the Income Tax Officer (ITO) for payments up to Rs. 10,000 and provides guidelines for verifying payments made before the new scheme. It specifies authority limits for granting credit based on payment amounts, with the ITO, Inspecting Assistant Commissioner (IAC), Commissioner of Income Tax (CIT), and a Zonal Committee having defined roles. The circular requests unresolved cases to be reported to the Board by February 28, 1981.
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