The Central Board of Direct Taxes (CBDT) has relaxed the time limit for processing valid income tax returns filed electronically. The relaxation is for the returns filed pursuant to the order issued by the Competent Authority under section 119(2)(b) to condone the delay in filing such returns.
It has been noted that returns filed in accordance with the order condoning the delay in filing such returns cannot be processed within the prescribed time limit due to technical reasons. This is leading to grievances regarding non-receipt of refunds due to non-processing of these returns.
To mitigate the genuine hardship faced by such taxpayers, the CBDT has directed that valid returns of income filed electronically on or before 31 March 2024, under the condonation of delay by the competent authority, for which the date of sending intimation under Section 143(1) has lapsed, shall now be processed.
The relaxation does not apply if assessment, reassessment, or income revision has been completed for the relevant year. Accordingly, intimation under section 143(1) in respect of processing of such ITRs shall be sent to the assessee concerned by 31-03-2026.
