 "CBDT extends the deadline for claiming past tax refunds to October")
The Central Board of Direct Taxes (CBDT) has extended the deadline claiming refunds for returns filed in the past till October end this year. This means that refunds pertaining to returns filed till assessment year 2017-18 can now be claimed. Earlier, the board had extended the validity till December 2019.
Usually, refunds can be claimed within a year from the end of the assessment year for which the returns were filed. But some refunds were not processed due to technical reasons.
Shailesh Kumar, partner at Nangia & Co, said the move will not only allow taxpayers to receive their legitimate refunds, but will also help them improve their liquidity in these stressed times due to Covid-19.
The relaxed time-line for refunds would not apply to returns selected for scrutiny, where demand for tax payment has arisen or likely to arise.
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