The Income Tax Department on November 18, 2024, notified regarding the condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in the filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22, and 2022-23.
The following has been stated namely: -
• It states that Tax authorities shall ensure that condonation applications meet these conditions: timely filing of returns under Section 139(1), valid tax regime selection under Sections 115BAA or 115BAB in ITR-6, and proof of genuine hardship and reasonable cause for delay.
• It states that condonation applications for filing Form 10-IC or 10-ID shall be submitted within three years from the end of the relevant assessment year, and decisions should ideally be made within six months of receipt.
Detailed notification is attached below.
[Circular no. – 17/2024]
