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of <h1>New Guidelines for Large Income Tax Refunds: Officer Verification, Section 241 Checks, and Approval Thresholds Revised.</h1> The circular outlines revised procedures for issuing large income tax refunds. It mandates that the Assessing Officer must verify the refund amount, ensure all outstanding demands are adjusted, and check for reasons to withhold refunds under section 241. For refunds exceeding Rs. 1 lakh in company cases and Rs. 25,000 in others, the case must be referred to the Deputy Commissioner for approval. Refunds over Rs. 10 lakhs in metropolitan areas and Rs. 5 lakhs elsewhere require the Commissioner's approval. These instructions replace the previous directive and must be communicated to all relevant officers.
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