Income Tax News: An important deadline for taxpayers is drawing near, as the Income Tax Department said that 7.28 crore Income Tax Returns (ITRs) were filed by July 31, 2024. Approximately 5 crore of the total ITRs were filed by July 26. Between July 27 and July 31, an additional 2.28 crore ITRs were filed. It’s important to remember that, if you submitted your ITR within this time, you have just 10 days remaining to finish the verification procedure and avoid fines.
Why ITR Verification is Crucial
According to the Income Tax rules, taxpayers have 30 days to complete the e-verification or submit the ITR-5 form offline after filing their returns. Failing to verify your ITR within this window could result in delays or even cancellation of your tax refund. As of August 20, a total of 7,41,37,596 ITRs had been filed, with 7,09,89,014 already verified. However, around 32 lakh individuals still need to complete their verification, including approximately 19 lakh taxpayers who filed by July 31.
The 30-Day Rule
The Income Tax Department stresses that the time between filing your ITR and finishing the e-verification process shouldn’t be longer than 30 days. For instance, your final day for verification would be August 30 if your ITR was filed on July 31. If you miss this date, your file will be considered late and you will be charged penalties.
Consequences of Missing the Verification Deadline
You will not be eligible for a refund if, within the allotted 30 days, your ITR is not verified. In addition, your ITR will be cancelled, requiring you to file a fresh return and pay a ₹1,000–₹5,000 late filing penalty. This mistake might have serious financial repercussions.
Act Now to Avoid Penalties
It is recommended that you finish your ITR verification as soon as possible to make sure you don’t lose out on your refund or face penalties. There are just ten days left, therefore timing is of the importance. Verify your ITR right away to ensure that you are in compliance with income tax regulations.
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