Quick Summary
Amendment in the provisions of Section 119 of Income-tax Act 1. Section 119 of the Act empowers the Board to issue orders, instructions and directions to other income-tax authorities for proper administration of the Act. Clause (a) of sub-section (2) of the said section gives powers to the Board
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FAQ :
The purpose of inserting Section 234F is to enable the Board to issue orders and instructions to provide relief to taxpayers facing genuine hardships in filing their income tax returns within the prescribed time.
Section 119 of the Income-tax Act is being amended to include Section 234F.
Currently, Section 234F states that a person who fails to furnish their return of income within the prescribed time is liable to pay a fee of five thousand rupees.
An amendment is needed because the current Section 234F can lead to unintended consequences, levying fees on individuals who face genuine difficulties beyond their control in filing returns on time, such as members of the armed forces in remote areas.
This amendment will take effect from 1st April, 2022.
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