According to income tax rules, the time limit for electronic verification or filing of ITR-V (offline process) is 30 days from the date of filing of ITR.
According to the tax department, the total number of ITRs filed till August 20, 2024, was 7,413,7596. The data also showed that 7,098,9014 (approximately 7.09 crore) ITRs were verified till 6:00 pm on August 20, 2024. This means that around 32 lakh ITRs (7,413,7596 less 7,0989,014 = 31,48,582) were filed but not verified as on August 20, 2024.
While the total number of ITRs verified as on August 19 may include ITRs filed after July 31 as well, however, out of 7.28 crore ITRs filed till July 31, 2024, a minimum of about 19 crore ITRs (7.28 less 7.09 crore) are yet to be verified.
ITR verification is necessary to process ITR and obtain tax refunds.
Referring to the 30-day time limit for verification of a filed ITR, Chartered Accountant Dr Suresh Surana said, “That time limit will be calculated including the 30th day as per the plain 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 filing of ITR. Hence, if ITR is filed on July 31, 2024, the same will have to be verified by August 30, 2024.” Chartered Accountant Ashish Niraj, Partner, ASN & Company, says that in situations where you have filed ITR online but have used ITR-V (offline process) for verification and this form is submitted or reaches CPC beyond 30 days from the date of filing of ITR, then it will be treated as if you have not filed an ITR. “Therefore, all the consequences of late filing of ITR under the Act will apply,” he says. If you are entitled to an income tax return, tax refundYou will not get it without filing an income tax return. You could file a late ITR if you did not file the ITR before July 31, 2024, or you filed the ITR before July 31, 2024, but did not verify it before the 30-day period ended. So, if you have filed your ITR, you must verify it before the 30-day period ends, otherwise your effort will go in vain and you may not get the tax refund.
“If an ITR is not verified within this period (of 30 days), it is considered invalid. This means that any tax refund claim associated with these ITRs will not be processed and the taxpayer may have to file the ITR again, resulting in a delay in processing. tax refund process,” says CA Twinkle Jain.
Table showing the deadline for ITR Verification for ITRs filed on different dates:
ITR filing date Verification deadline
ITR filing date | Verification deadline |
July 27, 2024 | August 26, 2024 |
July 28, 2024 | August 27, 2024 |
July 29, 2024 | August 28, 2024 |
July 30, 2024 | August 29, 2024 |
July 31, 2024 | August 30, 2024 |
August 1, 2024 | August 31, 2024 |
August 2, 2024 | September 1, 2024 |
August 3, 2024 | September 2, 2024 |
Source: CA (Dr.) Suresh Surana
Failure to verify the filed tax return within the 30-day period would entail late filing of the tax return and consequences of late filing such as late fees under section 234F of Rs 5,000 (capped at Rs 1,000 if total income does not exceed Rs 500,000). In addition to this, you may not be eligible for the old tax regime if you have not verified the filed tax return before the 30-day deadline and the due date for filing the tax return (July 31, 2024) has already passed.
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