How to Verify Income Tax Return after 30 days of Deadline Prescribed under the Act
Verifying your Income Tax Returns (ITRs) is a crucial step to ensure their validity. It’s essential to complete the filing process by verifying your return after submission. Without verification, your income tax return will be deemed invalid, potentially resulting in late fees under Section 234F of the Income Tax Act, 1961. Make sure to verify your ITR to avoid any penalties and ensure a smooth tax filing experience.
Recent Change in ITR Verification Deadline
The Income Tax Department has recently made changes to the deadline for verifying your Income Tax Returns. According to Notification 5/2022 dated 29 July 2022, starting from 1 August 2022, taxpayers now have 30 days to e-verify or submit a hard copy of the ITR-V.
This means that after filing your return, it’s crucial to verify it within 30 days to complete the process. However, for returns filed electronically before 1 August 2022, the previous 120-day limit still applies.
If you filed your ITR on or before 31st July 2022, the 120-day limit will be in effect. For those who submit their return within the deadline and complete verification within the next 30 days, the return submission date will be considered the official return filing date.
But, failing to verify within the timeframe will mean the verification date becomes the submission date. For ITR-V sent via speed post, the dispatch date will determine the 30-day period.
Remember, if ITR data is transmitted electronically but verification is done or ITR-V is submitted after 30 days, the verification date becomes the official filing date. So, ensure timely verification to avoid any consequences of late filing under the Income Tax Act.
Consequences of Failure in Verifying ITR
Verifying your Income Tax Returns after the deadline is crucial to avoid penalties and consequences under the Income Tax Act, 1961. Failure to verify on time renders the returns invalid, which can lead to many other issues.
The Income Tax Department specifies that those who miss the verification deadline may face a fine. The standard penalty is Rs 5,000. However, if the taxpayer’s income is below Rs 5 lakh for the financial year, the late fee reduces to Rs 1,000.
Way to Verify ITR after the Deadline
For taxpayers wishing to verify their returns post-deadline, there’s an option to request condonation of delay. This process requires providing a valid reason for the delay. Once the request is submitted, taxpayers can proceed with verifying their return after it’s approved by the competent Income Tax authority.
Process to Request a Condonation of Delay in ITR Verification
If you’ve missed the 30-day deadline to verify your Income Tax Return, you can request a condonation of delay through the Income Tax Department’s e-filing portal. Here’s a simple step-by-step guide to help you through the process:
- Start by visiting the e-filing website at https://www.incometax.gov.in/iec/foportal/ and log in using your credentials.
- Once logged in, navigate to the ‘Dashboard’, select ‘Services’, and then click on ‘Condonation Request’.
- On the Condonation Request page, choose the option for ‘Delay in submission of ITR-V’.
- Click on ‘Continue’ to proceed.
- Next, on the new page that appears, select ‘Create Condonation Request’.
- You’ll then be directed to the ‘Select ITR’ page. Here, pick the specific record for which you are requesting condonation and click ‘Continue’.
- Now, it’s time to provide your reason for the delay. Enter the details as required and hit ‘Submit’.
- Upon completion, you’ll receive a confirmation message on the screen along with a Transaction ID.
Remember, this process allows you to explain the reasons behind the delay in verifying your income tax return, helping you ensure compliance and avoid unnecessary penalties.
To Access the User Manual of I-T dept on “How to e-Verify ITR” CLICK HERE
To Access the CBDT Notification 22/2024 (Changes in ITR forms for FY 2023-24) CLICK HERE
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