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of <h1>Amendment to Section 119 of Income-tax Act Allows Board to Relax Fees for Late Income Return Filings from April 2022.</h1> Clause 34 of the Finance Bill, 2022 proposes an amendment to section 119 of the Income-tax Act. It aims to include section 234F, which pertains to fees for defaults in furnishing income returns, in the list of sections where the Board can issue general or special orders for relaxation. This amendment empowers the Board to manage assessment and revenue collection more efficiently by allowing flexibility in handling defaults related to income return filings. The amendment is set to take effect from April 1, 2022.
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