{"id":6596,"date":"2020-11-12T05:21:19","date_gmt":"2020-11-12T05:21:19","guid":{"rendered":"https:\/\/kredx.com\/blog\/?p=6596"},"modified":"2023-10-26T05:52:12","modified_gmt":"2023-10-26T05:52:12","slug":"forgot-to-verify-itr-you-may-face-consequences","status":"publish","type":"post","link":"https:\/\/www.kredx.com\/blog\/forgot-to-verify-itr-you-may-face-consequences\/","title":{"rendered":"Forgot To Verify ITR? You May Face Consequences."},"content":{"rendered":"<p><iframe src=\"https:\/\/w.soundcloud.com\/player\/?url=https%3A\/\/api.soundcloud.com\/tracks\/931397905%3Fsecret_token%3Ds-k3ddJmVZzpa&amp;color=%23ff5500&amp;inverse=false&amp;auto_play=true&amp;show_user=true\" width=\"100%\" height=\"20\" frameborder=\"no\" scrolling=\"no\"><\/iframe><i><span style=\"font-weight: 400;\">Did you know that the <\/span><\/i><b><i>income tax returns (ITR)<\/i><\/b><i><span style=\"font-weight: 400;\"> filing process is not considered complete unless you verify it?<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Under normal circumstances, the Income Tax Department treats an ITR that has been filed but not verified as invalid.\u00a0 As a result, the consequence of not verifying income tax returns is the same as not filing it for any given year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, after filing your <a href=\"https:\/\/kredx.com\/blog\/putting-off-income-tax-return-filing-be-prepared-for-heavy-fines\/\" target=\"_blank\" rel=\"noopener\">ITR<\/a>, you get a window of 120 days to verify it. Failing to do so will require you to re-file your returns. Even while filing a revised return, as an assessee, you need to verify it without any fail.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Unsure about the implications of not verifying <\/span><\/i><b><i>income tax returns ITR<\/i><\/b><i><span style=\"font-weight: 400;\">? Read below to learn more!<\/span><\/i><\/p>\n<h2><b>Repercussions Of Not Verifying ITR \u2013 In A Nutshell <\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If at any time an ITR is filed before the expiry of its deadline, but somehow the process of verification got delayed for more than 120 days,<\/span><b> taxpayers<\/b><span style=\"font-weight: 400;\"> will not be liable to pay a penalty under Section 234F.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These pointers emphasise the consequences of not verifying <\/span><b>income tax returns (ITR) <\/b><span style=\"font-weight: 400;\">\u2013<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Blocking of tax refund<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hefty penalty charge<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Declared losses will not get carried forward\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Other legal implications<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">In order to process the tax refund, it is imperative to submit and verify your tax returns. Any delay in the same leads to a delay in the refund process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To avoid these and other associated complications, make sure to verify your returns on time. You can verify them online with the help of Aadhaar-oriented OTP, net banking, EVC, etc. Alternatively, you can send the physical copy of ITR-V, to the Central Processing Centre within 120 days of filing ITR returns.<\/span><\/p>\n<h2><b>Things To Do If You Miss The Verification Deadline<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Section 119(2)(b) of ITA states that <\/span><a href=\"https:\/\/kredx.com\/blog\/new-monthly-gst-return-filing-system-for-taxpayers-is-a-transition-for-the-good\/\" target=\"_blank\" rel=\"noopener\"><b>taxpayers<\/b><\/a><span style=\"font-weight: 400;\"> can submit an application or claim tax deductions, exemptions, refunds, or other reliefs after the expiry of the deadline. It further adds that taxpayers can do so by providing adequate evidence of a hardship that prevented them from verifying the returns in the first place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a recourse, you may apply for condonation of delay and initiate the verification of returns. Above all, you must remember that such a condonation rests entirely on the discretion of the authorities.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, your condonation application will not be entertained by the concerned authority, if more than 6 months have passed since the assessment year in question. <\/span><\/p>\n<h2><b>Steps To Request Condonation For Delayed ITR-V Filing<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You can raise a condonation request online by following these simple steps \u2013<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 1 \u2013 Visit the Income-tax department\u2019s e-filing website.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 2 \u2013 Navigate to the right-hand side of the website\u2019s panel.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 3 \u2013 Click on \u2018Login Here\u2019 to log into the e-filing account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 4 \u2013 Navigate to \u2018My Account\u2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 5 \u2013 Select \u2018Service Request\u2019 from the drop-down menu.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 6 \u2013 Select \u2018New Request\u2019 from the drop-down menu of Request Type.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 7 \u2013 Choose Condonation Request and click the \u2018Submit\u2019 button.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 8 \u2013 Choose an Assessment Year relevant to you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 9 \u2013 Select the most suitable reason for the delay in verifying ITR.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 10 \u2013 Click the \u2018Submit\u2019 button.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will receive a confirmation message once all these steps have been followed. If your condonation request is granted, you will not be required to pay any penalty. So, track this request status to know where you stand.\u00a0<\/span><\/p>\n<h2><b>Steps To Track Condonation Request Status<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">By following these easy steps, you can check the status of your condonation request online \u2013<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 1 \u2013 Login to your designated e-filing account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 2 \u2013 Navigate to \u2018My Account\u2019 and select the Service Request option.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 3 \u2013 Click on the \u2018View Request\u2019 option available in the Request Type category.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 4 \u2013 Select Condonation Request available in the Request Category.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After following these steps, you will be able to view the listing of condonation requests, along with their status.\u00a0<\/span><\/p>\n<p><b>Bottom Line<\/b><\/p>\n<p><span style=\"font-weight: 400;\">To avoid the implications of not verifying your <\/span><a href=\"https:\/\/www.incometaxindiaefiling.gov.in\/home\" target=\"_blank\" rel=\"noopener\"><b>income tax returns (ITR)<\/b><\/a><span style=\"font-weight: 400;\">, make sure to complete the process on time. Also, consider submitting a condonation request, to manage the situation better. In doing so, you will be able to maintain a clear tax record and will be protected against unwanted penalties.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you know that the income tax returns (ITR) filing process is not considered complete unless you verify it? Under normal circumstances, the Income Tax Department treats an ITR that has been filed but not verified as invalid.\u00a0 As a result, the consequence of not verifying income tax returns is the same as not filing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6597,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[829,519,1197,1199,392],"class_list":["post-6596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-income-tax","tag-income-tax-returns-itr","tag-itr","tag-itr-v-filing","tag-taxpayers"],"_links":{"self":[{"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/posts\/6596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/comments?post=6596"}],"version-history":[{"count":1,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/posts\/6596\/revisions"}],"predecessor-version":[{"id":13705,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/posts\/6596\/revisions\/13705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/media\/6597"}],"wp:attachment":[{"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/media?parent=6596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/categories?post=6596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kredx.com\/blog\/wp-json\/wp\/v2\/tags?post=6596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}