It is crucial for taxpayers who submitted their ITRs during this period and have not yet verified them to do so promptly to avoid the penalty associated with filing a late ITR.
As per income tax rules, “The time limit for e-verification or submission of ITR-V (offline process) is 30 days from the date of filing of the ITR.”
According to an ET report, the tax department reported that the total number of ITRs filed until August 20, 2024, was 7,41,37,596, with 7,09,89,014 (approximately 7.09 crore) ITRs verified by 6PM on the same day. This indicates that around 32 lakh ITRs were filed but not verified as of August 20, 2024.
Although the total number of verified ITRs as of August 19 may include ITRs filed after July 31, it is estimated that at least 19 lakh ITRs out of the 7.28 crore filed by July 31, 2024, are yet to be verified.
Chartered accountant Dr Suresh Surana spoke about the 30-day time limit for ITR verification,, “Such a time-period shall be calculated including the 30th day as per the bare reading of the provisions of the income tax act. The income tax return filed under section 139(1) has to be verified within a period of 30 days from the date of furnishing the ITR. Hence if the ITR is filed on 31st July, 2024, the same shall be verified up to 30th August, 2024.” Verification of ITR is essential for processing the return and receiving tax refunds.
Ashish Niraj, a chartered accountant and partner at A S N & Company, told ET that if an individual has filed their ITR online but used the offline process (ITR-V) for verification and the form is submitted or reaches the Centralized Processing Center (CPC) beyond 30 days from the date of filing the ITR, it will be considered as if the individual has not filed an ITR at all. “Hence all consequences of late filing of ITR under the Act shall follow,” he says.
ITR Verification Deadline
Source: ET quoting CA (Dr.) Suresh Surana
Filing an income tax return is necessary to receive an income tax refund if you are eligible for one. In case you missed the July 31, 2024 deadline for filing the ITR or filed it by the deadline but failed to verify it within the 30-day period, you can still file a belated ITR. It is crucial to verify the filed ITR before the 30-day deadline expires; otherwise, your effort will be in vain, and you may not receive the tax refund.
CA Twinkle Jain explains, “If an ITR is not verified within this (the 30 day) period, it is considered invalid. This means that any tax refund claims associated with these ITRs will not be processed, and the taxpayer may have to file the ITR again, resulting in a delay in the tax refund process.”
Failing to verify the submitted ITR within the 30-day deadline would result in the need to file a belated ITR and face the consequences of late filing, such as a late fee under section 234F of Rs 5,000 (limited to Rs 1,000 if the total income does not exceed Rs 5 lakh).
Furthermore, if you have not verified the ITR filed before the 30-day deadline and the ITR filing deadline (July 31, 2024) has passed, you may not be able to opt for the old tax regime.
