The Central Board of Direct Taxes (CBDT) on October 23, 2023, issued a notification regarding the Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 which empowers CBDT to direct income tax authorities to allow any claim for exemption, deduction, refund and any other relief under the income tax act even after the expiry of the time limit to make such claim in the filing of Form No. 10-IC for Assessment Year 2021-22
The following has been stated namely: -
• The delay in filing of Form No. 10-IC as per Rule 21AE of the Rules for the previous year relevant to A.Y. 2021-22 is condoned in cases where the following conditions are satisfied namely: -
i) The return of income for the relevant assessment year has been filed on or before the due date specified under section 139(1) of the Act
ii) The assesse company has opted for taxation under 115BAA of the Act in item (e) of "Filing Status" in "Part A-GEN" of the Form of Return of Income ITR-6.
iii) Form No. 10-IC is filed electronically on or before January 31, 2024, or 3 months from the end of the month in which this Circular is issued, whichever is later.
[Circular No.19/2023]
