What is condonation for delay in filing return?

What is the condonation for the delay in filing a return?

Condonation of delay is a crucial process for taxpayers who find themselves needing extra time to verify or submit their Income Tax Return (ITR) due to unforeseen circumstances. When an individual fails to verify their ITR within 120 days of filing or misses the last date for submission, they can still seek relief by formally requesting the Income Tax Department for condonation.

This request must clearly outline the legitimate reasons for the delay, allowing the department to assess the situation on a case-by-case basis. Taxpayers need to provide adequate justification to enhance the likelihood of their request being granted, ensuring compliance with tax regulations while minimizing penalties or legal repercussions associated with late filings. Understanding the process of condonation can significantly alleviate stress for taxpayers needing to rectify their situation.

What is a valid reason for the condonation of delay?

In legal proceedings, a valid reason for the condonation of delay often hinges on the principle of ensuring justice over technicalities. Common justifications may include circumstances beyond a party's control, such as illness, natural disasters, or the unavailability of necessary documents.

Can a refund be claimed after condonation of delay?

The answer is yes, subject to the permission by the appropriate competent authority of Income Tax.

Any person who did not furnish his income tax return due to circumstances beyond his control can file an income tax return under the provision of section 119(2)(b).

The Central Board of Direct Taxes as conferred by section 119(1) may, if it is considered expedient to do for avoiding genuine hardship in any case by general or special order, authorize the Income-tax authority to admit an application or claim for any exemption, deduction, refund or any other relief under the Income Tax Act, 1961 after the expiry of the period specified in Income-tax Act for furnishing of return and deal with the same on merits by law. It is clear from the wording of subclause (b) of sub-section 2 of section 119 that an application under this section cannot be accepted in case there is no claim for refund of income tax or carry forward of loss.