New Circular for Delay in Filing Return !


As you are aware that refund of tax can be claimed only by filing tax return. Similarly, if the return is not filed within due date given u/s 139(1) , the carry forward of lossess ( other than depreciation ) can not be done .So , delay in filing return can be double whammy for many tax payers .CBDT is emowered u/s 119 of the I.T.Act to issue direction or circular to mitigate the hardship of assessee.

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