Don’t worry if there is delay in filing Income Tax Return. If there is delay in filing Income Tax, file condonation application. Know how?
Business News Desk – There is big news for those filing income tax returns. The Central Board of Direct Taxes (CBDT) has made changes regarding the waiver application for delay in filing income tax returns. The deadline for submitting the waiver application has been reduced by one year. Now waiver application can be made within 5 years after the end of the financial year. The Central Board of Direct Taxes has issued a notification in this regard. Earlier this time limit was 6 years, now this time limit has been reduced to 5 years. According to a media report, this information has come to light, but a twist has also been inserted in this change, because in one situation the income taxpayer will not be able to take advantage of this change.
Evidence and documents will have to be given along with the apology application.
According to media reports, if the matter of filing income tax reaches the court and the deadline for filing income tax return expires by the time the court’s decision comes, then in that situation the 5 year rule will not be applicable. The pardon application will have to be submitted within 6 months after the court’s decision. Let us tell you that taxpayers try to get income tax refund by apologizing for the delay in filing income tax return, so that there is no loss. While granting exemption to the income tax payer, the board evaluates his problems. In such a situation, the taxpayer has to submit evidence and necessary documents along with the waiver application. The Income Tax Department and the Board together evaluate those evidence and documents. If the evidence and documents appear to be correct then pardon is granted.
How to file waiver application?
Income taxpayer can submit a request for condonation of delay in filing return on the Income Tax Portal. For this, first log in and register. Click on the Services icon on the homepage and tap on Condonation Request. After filling the form, click on submit condonation request. Then click on Continue to proceed. Click on Create Condonation Request on the new webpage. Here the requested information will have to be given and the file will have to be submitted. Tap on Submit by providing the required information. After submitting, you will also have to verify your ITR.
