Amended and updated notes on section 292B of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Return of income, etc., not to be invalid on certain grounds.
Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 292B of IT Act 1961 provides for Return of income, etc., not to be invalid on certain grounds.
Recently, we have discussed in detail section 292A (Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply) of IT Act 1961. Today, we learn the provisions of section 292B of Income-tax Act 1961. The amended provision of section 292B is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 292B of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-292B: Return of income, etc., not to be invalid on certain grounds
No return of income, assessment, notice, summons or other proceeding, furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this Act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such return of income, assessment, notice, summons or other proceeding if such return of income, assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this Act.