It is to be noted that the last date to file your ITR is July 31, 2024. If you fail to verify the filing of your income tax return within the stipulated time, you may be subject to penalties.
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ITR deadline: The Income Tax Department permits individuals to submit condonation requests for delayed e-verification or filing of income tax returns. Condonation of delay is the process of requesting the Income Tax Department for allowing you to verify your ITR (after 120 days of filing your ITR) or submit your ITR (after the last date of filing) by citing the reasons of delay on your part.
It is to be noted that the last date to file your ITR is July 31, 2024. If you fail to verify the filing of your income tax return within the stipulated time, you may be subject to penalties. However, the option of ‘condonation of delay’ could serve as a solution. This allows you to avoid paying penalties by submitting a condonation request through the e-filing portal.
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What to do to file a condonation request:
If you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961. However, you may request condonation of delay in verification by giving appropriate reason. Only after submission of such request, you will be able to verify your return. However, the return will be treated valid only if the condonation request has been approved by the competent Income Tax Authority.
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Steps to file the condonation request
1. Begin by visiting the income tax e-filing portal where you will be prompted to log in to your account.
2. After successfully logging in, navigate to the top ribbon of the page and click on the “services” tab. From the drop-down menu, locate and select the “condonation request” option.
3. Within the “condonation request” section, choose the specific type of condonation request you wish to proceed with. Proceed by selecting “delay in submission of ITR-V”.
4. The system will prompt you to create a condonation request, which involves a structured three-step process.
5. In the initial step, choose the relevant ITR form. Moving on to the second step, provide a detailed explanation for the delay in submission. Finally, in the third step, submit the condonation request for processing.
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Things taxpayers need to file condonation request
The prerequisites for availing the condonation request service are as follows:
You must be a registered user of the e-Filing portal with a valid user ID and password.
Your PAN card must be linked to your bank account.
Your bank and Demat account must be validated, and e-Verification enabled.
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If you forget to e-Verify your IT returns or file your return before the last date, you can follow these steps to submit a condonation request. However, it is recommended to e-Verify and file your IT returns within the due date to avoid any penalties. Failure to file your Income Tax Returns on time may result in fines, imprisonment, or both.
