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Condonation of delay under Section 119(2) (b) of the IT Act, 1961

Condonation of delay under Section 119(2) (b) of the IT Act, 1961

Introduction

In India, Income Tax Return is a form in which a person is supposed to submit the tax to the Income Tax Department of India. It contains all information about the person's income and the taxes paid on it during the Financial Year. Information filed in ITR should concern with a particular financial year or starting on 1st April and ending on 31st March of the next year.

Forms of Income Tax Act

Income Tax Returns can be of several forms but some are as follows:

  • Income from salary

  • Profits and gains from business and profession

  • Income from house property

  • Income from capital gains

  • Income from other sources like dividends, interest on deposits, royalty income, etc.

The Income Tax Department has set down 7 types of ITR forms - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7, and applicability of the form which will depend upon the nature and amount of income and the type of taxpayer.

Below is the list of ITR forms that are most commonly applicable:

Particulars 

Applicability

ITR-1 which is also called Sahaj 

ITR-1is to be filed by resident individuals who have a total income of up to Rs.50Lacs from the given below sources: 
1. Salary
2. One-house property
3. Other sources keep out winning income from lotteries and income from horse races.
4. Agricultural income up to Rs. 5 Thousand

ITR-2

ITR-2 is to be filed by Individuals and Hindu Undivided Families who are not eligible to file form ITR-1 and don’t have income from profits and gains from business or profession.

ITR-3 

ITR-3 is to be filed by Individuals and Hindu Undivided Families having income from profits and gains from business or profession.

ITR-4 is also called Sugam 

Under section 44AD, 44ADA, or 44AE, ITR-4 is to be filed by resident individuals, Hindu Undivided Families, and firms other than LLP who are residents having total income up to Rs.50Lacs and having income from business or profession computed.

 

Condonation of delay under section 119(2) (b) of IT Act

In consideration of difficulties reported by the taxpayers and other stakeholders in the e-filing Form No. 10A, The Central Board of Direct Taxes (CBDT) exercises its power. Section 119 of the Income Tax Act, 1961 extended the due date for filing form no. 10 A which needed to be filed on or before 30th June 2021 to 31st August 2021 by Circular Notification Number 12/2021 Dated 25th June 2021 and further extended to 31st March 2022 by Circular Notification Number 16/2021 dated 29th August 2021.

Representations have been received by the Central Board of Direct Taxes stating that Form Number 10 A in some cases could not be filed by 31st March 2022. It has been requested that the delay in filing Form Number 10 A in such cases may be overlooked.

On Consideration of the matter, intending to avoid genuine hardship in such cases, the Central Board of Direct Taxes, in the exercise of the Powers conferred under section 119 (2) (b) of the Income Tax Act, 1961 at this moment condones the delay up to 25th November 2022 in filing form number 10 A under section 12A (ac) (i) or section 10 (23 C) or section 80G (5) (i) or fifth proviso to section 35 (1) of the Income Tax Act, 1961 which was needed to be made electronically on or before 31st March 2022.

Conclusion 

It concluded that in India, Income Tax Return is a form in which a person is supposed to submit the tax to the Income Tax Department of India. It contains all information about the person's income and the taxes paid on it during the Financial Year. , the Central Board of Direct Taxes, in the exercise of the Powers, conferred under section 119 (2) (b) of the Income Tax Act, 1961 at this moment condones the delay up to 25th November 2022 in filing form number 10 A under section 12A (ac) (i) or section 10 (23 C) or section 80G (5) (i) or fifth proviso to section 35 (1) of the Income Tax Act, 1961 which was needed to be made electronically on or before 31st March 2022.

eStartIndia is one of the leading cloud-based platforms that help you to file your ITR (Income tax returnwithout any hassle at a very affordable cost.

Author:

Radhika Punani
Ambala
I am Radhika from Ambala city. I qualified LLM from Kurukshetra University and B.A.LLB from Maharishi Markandeshwar University


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