look news india
New Delhi: The Central Government has reduced the deadline for condonation application for delay in filing income tax returns by one year. In such a situation, now taxpayers will get only five years time to file ‘delay condonation’ for delay in (ITR). Let us tell you that earlier this deadline was 6 years. Actually, the Central Board of Direct Taxes (CBDT) has recently issued this new guideline, which has come into effect from October 1, 2024.
What is ‘condonation of delay’?
In fact, ‘delay waiver’ application is considered an important process for taxpayers. Under this process, taxpayers claim old income tax refunds or set-off losses incurred in previous years in future years. This application is made when the last date for filing ITR has expired long ago.
Sandeep Bhalla, partner, Dhruva Advisors, told ET Bureau, “As per the new circular, if the application is made before October 1, 2024, the old deadline (6 years) will be followed. But, only the time limit of 5 years will be applicable to the applications made after October 1, 2024.”
Status of Income Tax Refund and Delay Waiver Application
According to Sudhir Kaushik, CEO of TaxSpanner.com, “However, this time limit will not be applicable in cases of income tax refund on court orders. “The application in these cases has to be made only within 6 months from the end of the month in which the order is issued by the court.”
how to apply
To apply for ‘Delay Waiver’ online on the Income Tax Portal, first log in to your account. Then click on the ‘Services’ tab and select ‘Way Request’. After this fill the required information to apply like reason, assessment year, ITR file, claim value etc. and click on ‘Submit’. Also pay attention to the last step of verifying the application.