Income Tax– The Income Tax Department has reported that approximately 7.28 crore Income Tax Returns (ITRs) were filed by taxpayers for the year up until July 31, 2024. Of these, nearly 5 crore ITRs were submitted by July 26, with an additional 2.28 crore ITRs filed between July 27 and July 31. Taxpayers who filed their returns during this period have until the end of August to complete the necessary verification process, or they risk facing penalties.
Verification Deadline Approaching
According to income tax regulations, taxpayers are given 30 days from the date of filing their ITR to submit either an e-verification or an ITR-5 form offline. This means that for those who filed their returns between July 27 and July 31, the deadline for verification falls between August 26 and August 30. With only 10 days left, taxpayers are urged to complete this process promptly to avoid any penalties.
ITR Filing and Verification Statistics
As of August 20, a total of 7,41,37,596 ITRs have been filed, with 7,09,89,014 of these already verified. However, around 32 lakh taxpayers have yet to verify their ITRs. Among those who filed by July 31, approximately 19 lakh individuals have not yet completed the verification process.
Importance of Timely Verification
The Income Tax Department has stressed the importance of completing the verification process within 30 days of filing the ITR. Failure to do so can result in significant consequences, including the cancellation of the ITR and the imposition of a penalty for late filing. For instance, if a taxpayer filed their ITR on July 31, the last date to verify would be August 30. Missing this deadline could lead to the return being treated as a late filing, potentially incurring a fine of up to Rs 5,000.
Refunds and Penalties
The department has also clarified that tax refunds will only be processed once the ITR has been verified. Taxpayers who fail to verify their returns within the 30-day window will not receive their refunds and may have to refile their returns. This could result in fines ranging from Rs 1,000 to Rs 5,000, depending on the delay.
Taxpayers are advised to act quickly to avoid unnecessary penalties and ensure they receive any refunds due. The Income Tax Department has made it clear that timely verification is crucial for the proper processing of ITRs and the avoidance of potential financial losses.
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