ITR Verification: This time a record number of people have filed income tax returns. Let us tell you that till July 31, 2024, more than 7.28 income tax returns were filed for the assessment year 2024-25. However, it is worth noting that many of the people who have filed their ITR have not e-verified their returns. E-verification is necessary to start processing of ITR and issue refund. If ITR is not verified within 30 days of filing, a fine will have to be paid.
It is necessary to e-verify within 30 days
From August 1, 2022, the Income Tax Department has reduced the deadline for e-verification or submission of hard copy of ITR-V to 30 days. This means that now taxpayers have to verify their returns within 30 days from the date of filing to complete the process. The notification clarifies that before August 1, 2022, a time limit of 120 days was available in case of returns submitted electronically.
A fine of Rs 5,000 will have to be paid
If you have filed your ITR for Assessment Year 2024-25 (FY 2023-24) on or before July 31, 2024, ensure that you verify it within 30 days from the date of filing the return. If you fail to verify it within 30 days and do not verify it after July 31, 2024, you will have to pay a penalty of Rs 5,000 under section 234F. If you do not verify, your return will be considered as not filed. However, you can request condonation for delay in verification by giving reasonable reasons. Only after making such a request will you be able to e-verify your return.
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