Quick Summary
In a significant relief to taxpayers, the Central Board of Direct Taxes (CBDT) has issued Circular No. 17/2024 dated November 17, 2024, permitting the condonation of delays in filing Form 10-IC and Form 10-ID for Assessment Years 2020-21, 2021-22, and 2022-23. This move aims to alleviate genuine hardships faced by assessees in exercising their option for concessional tax rates under Sections 115BAA and 115BAB of the Income Tax Act, 1961. Key Highlights of the Circular Delegation of Powers:
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FAQ :
The circular allows for the condonation of delays in filing Forms 10-IC and 10-ID for specific assessment years, aiming to relieve genuine hardships faced by taxpayers when opting for concessional tax rates.
The condonation applies to Assessment Years 2020-21, 2021-22, and 2022-23.
Principal Commissioners and Commissioners of Income Tax can condone delays up to 365 days, while Principal Chief Commissioners, Chief Commissioners, and Directors General of Income Tax can handle delays exceeding 365 days.
Taxpayers must have filed their income tax return by the due date, opted for concessional tax rates under Section 115BAA (Form 10-IC) or 115BAB (Form 10-ID) in ITR-6, and demonstrate a reasonable cause for the delay due to genuine hardship.
Yes, applications for condonation cannot be made more than three years from the end of the relevant assessment year.
Authorities are encouraged to resolve condonation applications within six months from the end of the month in which the application is received.
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