ITR AFTER 31.12.2023

Originally posted by : Vikas Chauhan
	Thank youwe have refund amount of 29 lacs approx.how to claim it.

 

Why not You don't ask with this details...?

One by One question can't tied with Your required one...

 

Originally posted by : Vikas Chauhan
	Thank youwe have refund amount of 29 lacs approx.how to claim it.

 

Go to contact Income Tax officer...

or

Better to consult nearest "INCOME TAX PRACTIONER"

They will help in this regard...

Dear Vikas ji

Need to apply for condonation for delayed filing under 119.2.b. with bonafide reasons.

once approved, only then you will be able to file ITR.

Pls stay patient and consult a good tax practitioner as this will involve approval from higher authorities.

If not done properly, you may lose your refund claim.

When taxpayers miss the prescribed deadlines, it can have significant consequences. Filing tax returns after the due date can carry substantial implications, such as the potential forfeiture of refund claims and the inability to carry forward losses from a particular year. This underscores the paramount importance of adhering to the tax deadlines specified in Section 139 of the Income Tax Act.

Section 119(2)(b) of the Income Tax Act, 1961, provides vital remedies for taxpayers facing genuine hardships that hinder them from meeting tax-related deadlines. These remedies, regulated by this provision, play a crucial role in the Indian tax system.

Monetary Limits: 

Circular No. 09/2015 establishes monetary thresholds to determine which income tax authorities are empowered to handle condonation of delay applications. The limits are as follows:

• For claims not exceeding Rs. 10 lakhs, the authority responsible is the Principal Commissioner of Income Tax or the Commissioner of Income Tax.
• Claims exceeding Rs. 10 lakhs but less than Rs. 50 lakhs are dealt with by the Principal Chief Commissioner of Income Tax or the Chief Commissioner of Income Tax.
• Claims exceeding Rs. 50 lakhs fall under the purview of the CBDT.

Please go through this. Get more clarity with Tax Consultant or Chartered Accountant. Then, proced further.

Section 119(2)(b) of the Income Tax Act, 1961, plays a critical role in India’s tax framework. It provides essential support to taxpayers who, due to valid reasons, face challenges in meeting crucial tax-related deadlines. This provision allows for the granting of time extensions, recognizing that unforeseen circumstances and legitimate difficulties can impede the timely compliance with tax responsibilities. This piece explores the significance of this legal provision, the procedure for requesting relief, the role of the Central Board of Direct Taxes (CBDT), and the qualifications necessary for its application. Understanding Section 119(2)(b) is essential for taxpayers navigating the complexities of Indian taxation.

Circular No. 09/2015, issued by the CBDT on June 9, 2015, serves as a comprehensive guideline outlining the conditions, procedures, and timelines for granting the condonation of delay. This circular offers essential insights into the practical application of Section 119(2)(b) and provides clear directives to income tax authorities for handling condonation of delay applications. Here, we delve into the key provisions of Section 119(2)(b) and examine the relevant aspects covered by Circular No. 09/2015.

Monetary Limits: 

Circular No. 09/2015 establishes monetary thresholds to determine which income tax authorities are empowered to handle condonation of delay applications. The limits are as follows:

• For claims not exceeding Rs. 10 lakhs, the authority responsible is the Principal Commissioner of Income Tax or the Commissioner of Income Tax.
• Claims exceeding Rs. 10 lakhs but less than Rs. 50 lakhs are dealt with by the Principal Chief Commissioner of Income Tax or the Chief Commissioner of Income Tax.
• Claims exceeding Rs. 50 lakhs fall under the purview of the CBDT.

Get an expert advise before filling your return.