E-verification in ITR (Income Tax Return) filing is the electronic process of confirming the authenticity of your ITR submission. It acts like a digital signature, verifying that the information you filed belongs to you.
An ITR is considered invalid unless it’s e-verified within the stipulated time (usually 30 days from filing). This means the department won’t process your return.
There are multiple ways to e-verify your ITR in India:
- Aadhaar OTP: If your Aadhaar is linked to your PAN and registered mobile number, you can use a one-time password (OTP) received on your phone for verification.
- EVC (Electronic Verification Code): You can generate an EVC through various options like a pre-validated bank account, demat account, net banking, or even ATMs (offline method).
- Digital Signature Certificate (DSC): This method is typically used by companies or tax professionals.
What Happens If ITR Is Not Verified Within 30 Days?
When ITR data is electronically transmitted and e-verified, or ITR-V is submitted within 30 days of transmission, the date of electronic transmission will be considered the date of filing the return of income.
If ITR data is electronically transmitted but e-verified or ITR-V is submitted after the 30-day time limit, the date of e-verification or ITR-V submission will be treated as the date of filing the return of income. Consequently, all penalties and implications for late filing under the Income Tax Act will apply.
Late Filing: The date of e-verification will be considered the filing date of your ITR, not the original filing date. This can push your return into late filing territory, potentially leading to late filing penalties and interest charges.
No Verification, No Return: An unverified ITR is considered invalid, essentially making it like you never filed at all. This could lead to further complications down the line.
ITR Late Filing Penalty: ITR Filing Last Date 2024
If you miss filing your ITR by the due date (July 31), you can still submit a belated return by December 31, 2024. However, late filing incurs a penalty.
A maximum penalty of Rs 5,000 will apply if you file your ITR after July 31, 2024, but before December 31, 2024.
There is some relief for small taxpayers: if your total income does not exceed Rs 5 lakh, the maximum penalty for delay is Rs 1,000. Additionally, if your total income is below the basic exemption limit, no penalty will be charged.
Filed after December 31 of the AY: You can still file a belated return up to March 31 of the next AY, but a higher penalty may apply depending on the specific situation.
However, if you missed the deadline, there’s still a chance to rectify it:
Condonation Request: You can submit a request to the Income Tax department explaining why you couldn’t e-verify on time. Be sure to have a valid reason for the delay. The department will then decide whether to accept your request and allow you to e-verify your return.
Here are the key aspects of a Condonation Request in income tax:
Late e-verification of ITR: You have a limited window (30 days) to electronically verify your ITR after filing it. If you miss this deadline, a condonation request allows you to explain why and request permission to still e-verify your ITR.
Late ITR filing: There’s a fixed due date each year to file your ITR. If you miss that deadline, you can submit a condonation request explaining the reason for the delay and ask the department to accept your return even though it’s late.
However, approval of your condonation request is not guaranteed. Until the request is approved, your ITR will be considered invalid. The decision to condone the delay lies at the discretion of the competent Income Tax Department.
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