It’s essential for taxpayers who submitted their ITRs throughout this era and haven’t but verified them to take action promptly to keep away from the penalty related to submitting a late ITR.
As per revenue tax guidelines, “The time restrict for e-verification or submission of ITR-V (offline course of) is 30 days from the date of submitting of the ITR.”
In keeping with an ET report, the tax division reported that the overall variety of ITRs filed till August 20, 2024, was 7,41,37,596, with 7,09,89,014 (roughly 7.09 crore) ITRs verified by 6PM on the identical day. This means that round 32 lakh ITRs have been filed however not verified as of August 20, 2024.
Though the overall variety of verified ITRs as of August 19 might embrace ITRs filed after July 31, it’s estimated that at the very least 19 lakh ITRs out of the 7.28 crore filed by July 31, 2024, are but to be verified.
Chartered accountant Dr Suresh Surana spoke concerning the 30-day time restrict for ITR verification,, “Such a time-period shall be calculated together with the thirtieth day as per the naked studying of the provisions of the revenue tax act. The revenue tax return filed underneath part 139(1) must be verified inside a interval of 30 days from the date of furnishing the ITR. Therefore if the ITR is filed on thirty first July, 2024, the identical shall be verified as much as thirtieth August, 2024.” Verification of ITR is crucial for processing the return and receiving tax refunds.
Ashish Niraj, a chartered accountant and companion at A S N & Firm, instructed ET that if a person has filed their ITR on-line however used the offline course of (ITR-V) for verification and the shape is submitted or reaches the Centralized Processing Heart (CPC) past 30 days from the date of submitting the ITR, will probably be thought of as if the person has not filed an ITR in any respect. “Therefore all penalties of late submitting of ITR underneath the Act shall observe,” he says.
ITR Verification Deadline
Supply: ET quoting CA (Dr.) Suresh Surana
Submitting an revenue tax return is critical to obtain an revenue tax refund if you’re eligible for one. In case you missed the July 31, 2024 deadline for submitting the ITR or filed it by the deadline however didn’t confirm it inside the 30-day interval, you may nonetheless file a belated ITR. It’s essential to confirm the filed ITR earlier than the 30-day deadline expires; in any other case, your effort will likely be in useless, and you could not obtain the tax refund.
CA Twinkle Jain explains, “If an ITR isn’t verified inside this (the 30 day) interval, it’s thought of invalid. Which means any tax refund claims related to these ITRs won’t be processed, and the taxpayer might need to file the ITR once more, leading to a delay within the tax refund course of.”
Failing to confirm the submitted ITR inside the 30-day deadline would lead to the necessity to file a belated ITR and face the results of late submitting, resembling a late charge underneath part 234F of Rs 5,000 (restricted to Rs 1,000 if the overall revenue doesn’t exceed Rs 5 lakh).
Moreover, you probably have not verified the ITR filed earlier than the 30-day deadline and the ITR submitting deadline (July 31, 2024) has handed, you could not be capable to go for the outdated tax regime.
