{"id":40913,"date":"2022-03-07T11:59:48","date_gmt":"2022-03-07T06:29:48","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=40913"},"modified":"2024-04-23T12:51:00","modified_gmt":"2024-04-23T07:21:00","slug":"condonation-of-delay","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/condonation-of-delay\/","title":{"rendered":"Condonation of Delay under Different Legislations"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Condonation of delay is primarily applied for the deferred applications or suits in honorable courts in India. It is also applied to the last date of filing an IT return has passed, and the taxpayer intends to file those preceding returns. The concept of Condonation of delay has been adopted by various legislations in India. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/condonation-of-delay\/#Applying_for_Condonation_of_delay\" >Applying for Condonation of delay<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/condonation-of-delay\/#Different_Schemes_launched_by_the_Central_Government\" >Different Schemes launched by the Central Government<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/condonation-of-delay\/#Norms_for_Condonation_of_Delay_under_Companies_Act_2013\" >Norms for Condonation of Delay under Companies Act, 2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/condonation-of-delay\/#Condonation_of_Delay_under_Income_Tax_Act_1961\" >Condonation of Delay under Income Tax Act, 1961<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/condonation-of-delay\/#Procedure_relating_to_the_Condonation_of_delay\" >Procedure relating to the Condonation of delay<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/condonation-of-delay\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Applying_for_Condonation_of_delay\"><\/span>Applying for Condonation of delay <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Condonation of delay implies the Act of\ncondoning the delay in submitting an appeal or application by concerned courts.\nEach statute facilitates a time frame within which any appeal is to be filed\nunder them to respective courts or authorities. The time frame prescribed is\ncalled the limited period of the suit or appeal. A delay occurs when the\napplication or suit is not filed within the limitation duration prescribed in\nthe statute. <\/p>\n\n\n\n<p>The concerned court(s) or authority shall\nnot accept the application or suit beyond the limited duration. Condonation of\ndelay is an exception to such limitation duration. It acts as a remedy\naccessible to an individual if he\/she fails to approach the court\/concerned\nauthority within the time duration prescribed under the law. <\/p>\n\n\n\n<p>The concerned statutes provide for\nCondonation of delay for appeals, suits under specific circumstances. If the\nindividual filing the appeal or suit can submit an adequate cause for the\ndelay, leading to the expiration of the limited duration, the court\/concerned\nauthority can, with discretionary jurisdiction, condone\/forgive the delay by\naccepting the application\/suit. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Different_Schemes_launched_by_the_Central_Government\"><\/span>Different Schemes launched by the Central Government<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Central Government, under the powers available to it as per section 460, has also launched various schemes such as Companies Fresh Start Scheme, 2020, Company Law Settlement Scheme, 2014, <a href=\"https:\/\/corpbiz.io\/learning\/llp-settlement-scheme-2020-for-defaulting-llps\/\"><strong>LLP Settlement Scheme, 2020<\/strong><\/a>, and Condonation of Delay Scheme, 2018 for condoning the delay of the companies.<\/p>\n\n\n\n<p>These schemes seek to condone the delay\nand permit companies to file annual documentation beyond the given time frame\nwithout much or nil penalty or fine for the delay. <\/p>\n\n\n\n<p>But, these schemes came to effect for a\nlimited duration, typically for the duration of one year under which the\ncompany could leverage of the concerned schemes and file the belated\ndocumentation to the Registrar. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Norms_for_Condonation_of_Delay_under_Companies_Act_2013\"><\/span>Norms for Condonation of Delay under Companies Act, 2013<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Section 460 under the Companies Act, 2013\nprovides for Condonation of the delay of application to be filed by the\napplicant. As per Section 460(a), where an application is required to be filed\nwith the Central Government given any provisions of the Act, and if it is not\nfiled within the prescribed time frame, the Central Government can\nforgive\/condone the delay in the grounds recorded in writing. <\/p>\n\n\n\n<p>Section 460(b) describes that where any\ndocumentation is required to be filed to the Registrar under any regulation of\nthe Act, and it is not filed within a prescribed time frame, the Central\nGovernment can forgive\/condone the delay on the grounds recorded in writing. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Condonation_of_Delay_under_Income_Tax_Act_1961\"><\/span>Condonation of Delay under Income Tax Act, 1961<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Section 119(2)(b) of the IT Act, 1961\nprovides for the Condonation of delay of any claims or application filed under\nthe Act. It states that the CBDT, i.e. Central Board of Direct Taxes, can vest\nany income-tax authority with authority to furnish an application relating to\nthe exemption, deduction, refund, or any other relief under IT Act, post the\nexpiration of the duration cited under the Act. <\/p>\n\n\n\n<p>The <strong>CBDT<\/strong> shall vest income tax authorities with the power to accept any claim or application if it considers it viable to do so to avert nuisance for the party. <\/p>\n\n\n\n<p>The IT authority shall permit the deferred\nclaim, provided, making a claim within the given due date was practically out\nof the taxpayer&#8217;s control. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_relating_to_the_Condonation_of_delay\"><\/span>Procedure relating to the Condonation of delay<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If a company fails to make the timely\nfiling of any application or document, then it needs to apply to the Central\nGovernment requesting Condonation of delay u\/s 460 to accept its delayed\ndocument or application. <\/p>\n\n\n\n<p><strong><em>The procedure is as follows-<\/em><\/strong><\/p>\n\n\n\n<ol>\n<li>The company is required to hold a board\nmeeting &amp; pass a resolution to sanction the application relating to\nCondonation of delay to be filed to the Central Government. <\/li>\n\n\n\n<li>Authorize a CS or CFO or any Director of\nthe company to file an application with the Central Government.<\/li>\n\n\n\n<li>The company needs to file an application\nfor Condonation of delay via Form CG 1 with the Central Government. The\napplication should accompany a copy of the Board resolution approving the\nfiling of the application and documents attested thereto. <\/li>\n\n\n\n<li>The application shall undergo a scrutiny process.\nAfter this, the Central Government issues an order of rejection or acceptance\nof the application. <\/li>\n\n\n\n<li>The order is to be filed via form INC 28\nwith the Registrar, along with the mandatory documentation and standard fees. <\/li>\n\n\n\n<li>The documentation for which the delay is\ncondoned is required to be filed with SRN of Form INC-28 and standard fees. <\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p> Condonation of Delay acts as a viable instrument for companies that often have trouble managing returns and filing related requirements. In the business landscape, it allows companies to seek remedy from concerned authorities for extinguishing charges or fines against delay filing. Besides, it helps overcome significant penalties in case of delayed in <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>income tax return filing<\/strong><\/a>.  <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our Article<\/b>:<mark style=\"background: #fffd03 !important\"><a href=\"https:\/\/corpbiz.io\/learning\/register-of-members-under-the-companies-act-2013\/\">Register of Members under the Companies Act, 2013\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Condonation of delay is primarily applied for the deferred applications or suits in honorable courts in India. It is also applied to the last date of filing an IT return has passed, and the taxpayer intends to file those preceding returns. The concept of Condonation of delay has been adopted by various legislations in India. [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":40918,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[120],"tags":[2168],"acf":{"service_id":"321"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":6870,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40913"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=40913"}],"version-history":[{"count":15,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40913\/revisions"}],"predecessor-version":[{"id":63773,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40913\/revisions\/63773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/40918"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=40913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=40913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=40913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}