Only 10 days left for ITR verification, if missed...?
As of July 31, 2024, the Income Tax Department reports that approximately 7.28 crore Income Tax Returns (ITR) had been filed this year. By July 26, over 5 crore ITRs had been submitted out of them. Between July 27 and July 31, 2.28 crore ITRs were still outstanding. In this case, the deadline for filing an ITR, which was filed between July 26 and July 31, also falls between august 26 and august 30, per the rules. You now have just ten days left for the verification of your ITR if you also filed it on these dates. In this case, you shouldn't wait around any longer to escape punishment.
30 days to submit your ITR-5 or e-verification.
Income tax regulations provide that you have 30 days from the date of ITR filing to submit an offline ITR-5 or e-verification. As per the data obtained from the IT Department, up until august 20, a total of 7,41,37,596 ITRs were submitted. Additionally, 7,09,89,014 ITRs have been confirmed. Approximately 32 lakh persons have not yet confirmed their ITR in this scenario. In addition, almost 19 lakh of the individuals who submitted ITRs until July 31 have not yet had their ITRs confirmed.
Do the verification within 30 days of filing your ITR if you desire a refund.
You must ensure that there is no longer than a 30-day lapse in time between filing your ITR and completing the e-verification process in this scenario. Only after you validate the ITR will you receive your reimbursement. For instance, the deadline to confirm your ITR if it was submitted on July 31 is august 30. The Economic Times report states that missing this deadline will also result in your file being declared late. You might be required to pay a fine in this case.
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