CBDT Authorizes Income-Tax Authorities to Admit Claims for Refunds and Loss Carry Forward

The Central Board of Direct Taxes (CBDT) has issued Circular No. 11/2024 dated October 01, 2024, which provides an order authorizing Income-tax authorities to admit applications or claims for refund and carry forward of loss and set off under Section 119(2)(b) of the Income-tax Act, 1961. This section grants the CBDT power to authorize tax officials to consider claims that would otherwise be disallowed due to the expiry of statutory timelines.

This order aims to ensure that taxpayers, who may have missed filing deadlines for valid reasons, still have a chance to file claims for refunds or losses carried forward, ensuring fair tax treatment.

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