A. Introduction
The Income Tax Act, 1961 (hereinafter “the Act”) is a comprehensive law that governs income taxation. Under the Act, the Central Board of Direct Taxes (hereinafter “Board”), is authorised to create policies, guidelines, and rules to guarantee its proper execution. A key provision in the Act is Section 119(2)(b), which gives the Board the authority to lessen the severity of tax regulations, subject to satisfaction of certain conditions.
Notably, the Act empowers certain income tax authorities to condone delay under Section 119(2) (b). In the recent past, delays in filing audit report (for instance) have resulted in trusts being denied the exemption claimed under various provisions of the Act. Sadly, owing to lack of knowledge regarding remedial provisions in the Act, charitable institutions are mulcted with recovery notices leading to unnecessary stress. In this article, I intend to delve on a key provision contained in the Act, which could turn out to be a lifeline in addressing procedural delays.
B. Introduction
To understand the issue at hand, it would be profitable to extract the provisions of Section 119(2)(b) of the Act, which states as follows:
“the Board may, if it considers it desirable or expedient so to do for avoiding genuine hardship in any case or class of cases, by general or special order authorize any income-tax authority, not being a Joint Commissioner (Appeals) or a Commissioner (Appeals) to admit an application or claim for any exemption, deduction, refund or any other relief under this Act after the expiry of the period specified by or under this Act for making such application or claim and deal with the same on merits in accordance with law". (emphasis supplied)
C. Understanding the term “genuine hardship” – A snapshot
هذه القصة مأخوذة من طبعة June - July 2024 من UNIQUE TIMES.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة June - July 2024 من UNIQUE TIMES.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Come Fall in Love With Lisbon
With its cobblestone alleys, trams, centuries-old churches, hand-painted ceramic tiles, and buildings in pastel shades with quaint balconies, this city is sure to fascinate travellers who love the old-world charm.
Beauty Benefits of Beetroot for Skin and Hair
Ever wondered if the secret to radiant skin and fabulous hair could be as simple as adding a splash of colour to your beauty routine?
FROM COCOON TO BOOM!
Change compels individuals to confront their limitations and discover their potential, laying the foundation for transformation. Transformation, on the other hand, involves a deeper, more deliberate process of growth. It often begins with introspection and a conscious decision to evolve. This could mean overcoming negative behaviors, adopting new habits, or shifting one's mindset.
The Science of Sleep: Mysteries of Rest
Sleep is one of the most fundamental aspects of our health, yet it is often overlooked in the hustle of modern life.
Principle Of Res Judicata And Consistency In Tax Matters A Brief Analysis From An Indian Perspective
Certainty is a cornerstone of an effective tax system, forming a crucial pillar of the rule of law.
The Health Benefits Of Love-Making
The feeling of being in love can not only have an effect on our brain, but it can also lead to changes in human physiology and behavior. According to scientists from around the world, each stage of love for another human may be driven by the release of different hormones. This cocktail of hormones released during each phase (Three phases include lust, attraction, and attachment) can influence the way that we think and behave and can have a positive effect on our well-being.
RSS: Rewarding Senior Society
Recognising the importance of maintaining social connections and the need for occasional travel, the RSS initiative includes an annual free return ticket on airlines for senior citizens. The government will compensate 50% of the fare to the airlines, making air travel more accessible and affordable for our elderly.
Fixed Deposits and Income Tax: A Must-Read for NRIs
NRIs must inform their bankers about their residential status shifts and re-designate their bank accounts and deposits accordingly. Additionally, you must also anticipate the tax obligations that follow and carry out proper tax planning with the help of your Chartered Accountant to manage your taxes.
From Dreams to Dynasties: The Story of Veekay Group's Rise
To be a world-class leader in businesses that enrich lives and contribute to nations by building sustainable infrastructure, creating long-term value, and fostering innovation.
Empowering Beauty Beyond Borders: Miss Asia Global 2024
Beauty pageants and the world of fashion and modelling have evolved into platforms that celebrate not only physical appearance but also intelligence, personality, and talent.
