06 July 2024
To condone the delay in submission of Income Tax Returns (ITR) by Cooperative Societies as per Circular No. 13/2023, dated 26/07/2023, the process generally involves the following steps:
1. **Review Circular No. 13/2023**: Carefully read and understand the provisions and guidelines provided in Circular No. 13/2023 issued by the Income Tax Department. This circular typically provides specific instructions regarding the condonation of delay for Cooperative Societies.
2. **Reasons for Delay**: Prepare a detailed explanation of the reasons for the delay in filing the ITR. Common reasons may include administrative issues, inadvertent oversight, technical glitches, or any other valid grounds as per the circular.
3. **Preparation of Application**: Draft an application for condonation of delay addressing the jurisdictional Commissioner of Income Tax (Appeals). Include the following details: - Name and address of the Cooperative Society. - PAN of the Cooperative Society. - Assessment Year (AY) for which the ITR was due. - Date of original due date and date of actual filing. - Reasons for the delay supported by documentary evidence (if any). - Any additional information relevant to the delay.
4. **Submission**: Submit the application along with supporting documents to the jurisdictional Commissioner of Income Tax (Appeals) within the stipulated time frame mentioned in the circular. Ensure that the application is submitted in the prescribed format and includes all necessary details and attachments.
5. **Follow-Up and Compliance**: After submission, follow up with the tax authorities to ensure that the application is processed. Cooperate with any queries or requests for additional information promptly. Once condonation is granted, ensure compliance with any additional requirements or timelines specified by the tax authorities.
6. **Appeal Process**: If the application for condonation is rejected, explore the option of filing an appeal with the appropriate appellate authority as per the Income Tax Act, 1961. The appeal process will involve providing further details and arguments supporting the condonation of delay.
### Important Considerations: - **Timeliness**: Adhere to the timelines specified in Circular No. 13/2023 for filing the application for condonation of delay. - **Documentation**: Ensure all documents submitted are accurate, complete, and relevant to the reasons cited for the delay. - **Legal Assistance**: Consider seeking assistance from a tax consultant or legal expert specializing in Income Tax matters to ensure compliance with procedural requirements and maximize the chances of condonation.
By following these steps and complying with the guidelines laid down in Circular No. 13/2023, Cooperative Societies can effectively address delays in filing Income Tax Returns and seek condonation as applicable.
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