The Central Board of Direct Taxes (CBDT), under the Department of Revenue, Ministry of Finance, has recently released updated regulations outlining the process for granting condonation of delays in submitting income tax returns (ITRs) that include claims for refunds or carrying forward losses. These latest directives effectively override any prior guidelines or instructions that were in place.

Here are the top points:

How much tax do I have to pay? Calculate now

1. The authority to approve or deny claims based on amounts are allocated as follows:

> Claims up to Rs 1 crore will be decided by Principal Commissioners of Income Tax (Pr. CsIT).

> Claims falling between Rs 1 crore and Rs 3 crore are within the jurisdiction of Chief Commissioners (CCsIT).