E-verification of ITR: Penalty, consequences for not verifying income tax return before 30-day deadline This implies that taxpayers must now verify their returns within 30 days from the filing date to finalize the process
More than 7.28 income tax returns were filed till July 31, 2024 for AY 2024-25, 7.5% more than the total ITRs for AY 2023-24 (6.77 crore) filed till July 31, 2023. This is as per a Press Information Bureau (PIB) release on August 2, 2024.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} However, it is to be noted that not all those who have filed their ITRs have e-verified their returns. "The process of e-verification is important to commence the processing of ITRs and to issue refunds, if any. It is encouraging to note that over 6.21 crore ITRs have been e-verified, out of which more than 5.81 crore are through Aadhaar based OTP (93.56%). Of the e-verified ITRs, more than 2.69 crore ITRs for the A.Y. 2024-2025 have been processed (43.34%) till 31st July, 2024. Taxpayers are also requested to verify their unverified ITRs if any, within 30 days of filing the ITR," stated the PIB release.
You won’t get any income tax refund unless you verify your ITR; here’s how to verify ITR online, offline
Here is a look at what happens if you don't e-verify your income tax return before the 30-day deadline as per the FAQs on the Income Tax Department.
What is the new notification about the new timeline of 30 days for verification of ITR and to whom new timeline of 30 days is applicable?
From August 1, 2022 the Income Tax Department has reduced the time limit for e-verification or hard copy submission of ITR-V to 30 days through a notification dated 29 July. That means, taxpayers now need to verify their returns within 30 days from the date of filing to complete the process.The notification, clarified that the earlier time limit of 120 days would continue to apply in case of returns submitted electronically before the date on which the notification came into effect, i.e. 01, August 2022.
What will be the date of furnishing the return of income if ITR-V is submitted within 30 days of transmission of data?
If ITR data is electronically transmitted and ITR-V is submitted within 30 days of transmission of data then in such cases the date of transmitting the data electronically will be considered as the date of furnishing the return of income.What will happen if e-verification or ITR-V is submitted beyond the time limit of 30 days?
Where ITR data is electronically transmitted but e-verified or ITR-V submitted beyond the time-limit of 30 days of transmission of data, in such cases the date of e-verification/lTR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow.Hence, if you have filed your ITR for AY 2024-25 (FY 2023-24) on or before July 31, 2024, then ensure that you have verified the same within 30 days from the filing date. If you fail to verify it within 30 days and verify the same after July 31, 2024, then a penalty of Rs 5,000 under Section 234F will apply. The date of verification will be treated as the date of filing ITR by the income tax department.
Further, if your filed ITR is not processed, you will not get income tax refund (if any) and it will be assumed that you have not filed your ITR.
ITR filing deadline: 5 consequences of not filing your income tax return
What is the address at which ITR-V needs to be sent?
Duly verified ITR-V in the prescribed format and in the prescribed manner should be sent by speed post only to:Centralised Processing Centre,
Income Tax Department,
Bengaluru - 560500, Karnataka.
In case of ITR-V sent through speed post what date will be considered as a date for verification?
The date of dispatch of speed post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period.Why do I need to e-Verify?
You need to verify your Income Tax Returns to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid. e-Verification is the most convenient and instant way to verify your ITR.You can also e-Verify other requests / responses / services to complete the respective processes successfully, including verification of:
Income Tax Forms (through online portal / offline utility)e-ProceedingsRefund Reissue RequestsRectification RequestsCondonation of Delay in filing ITR after due DateService Requests (submitted by ERIs)Uploading ITR in bulk (by ERIs)
What are the different ways in which I can e-Verify my returns?
You can e-Verify your returns online using:
OTP on mobile number registered with Aadhaar, orEVC generated through your pre-validated bank account, orEVC generated through your pre-validated demat account, orEVC through ATM (offline method), orNet Banking, orDigital Signature Certificate (DSC).
How will I know that my e-Verification is complete?
In case you are e-Verifying your return:A success message will be displayed along with a Transaction IDAn email will be sent to your email ID registered with the e-Filing portal
What to do in case ITR-V is rejected?
You can see the reason for rejection on your e-Filing Dashboard. You may send another ITR-V or choose to e-Verify the ITR online.
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This story originally appeared on: India Times - Author:Faqs of Insurances
