Income Tax News: If, after December 31, you have not filed your income tax return (ITR) or completed the e-verification, you may properly request a pardon for the delay. Ideally, you will be subject to a penalty if you fail to verify that you filed your income tax return by the deadline. However, the “condonation of delay” provision may be a lifesaver. This implies that by submitting a request for a pardon using the electronic filing system, you will be able to avoid paying any penalties.
Requesting a condonation: Steps to Take
- Visit the online site for filing income taxes. You can access your account by logging in here.
- You can access services from the page’s top ribbon after logging in. The final option on the scroll down menu is a plea for a pardon.
- Choose the kind of condonation request you wish to move forward with by clicking on “condonation request.” You can then select “delay in submission of ITR-V.”
- The option to create a condonation request is then provided by the system. The procedure is in three steps.
- The ITR must be chosen in the first stage, the reason for the delay must be stated in the second, and a request for a pardon must be filed in the last step.
Conditions for a delay’s condonation
It’s important to keep in mind that the following requirements must be fulfilled in order to process the delay condonation:
- The taxpayer needs to be logged into the e-filing system.
- The bank account and their PAN need to be connected.
- Furthermore, it is essential that their bank account be verified and set up for e-verification.
The request must be approved by the Income Tax Department after it is submitted, at which point the taxpayer is free to file their tax return.
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