While ITRs can be validated electronically in five different methods, a physical copy can also be sent to Bengaluru’s Centralized Processing Centre (CPC).
One of the most significant financial tasks of the year is the filing of income tax returns. It’s critical that you file your income tax return on or before the deadline, with complete and correct information about your earnings and any other information requested on the ITR form. The deadline for reporting ITRs for FY2020-21 is December 31, 2021.
ITR verification is the final step in the income tax return filing process. The ITR must be confirmed within 120 days of the filing date, according to income tax legislation. A taxpayer has six options for verifying their return. While ITRs can be validated electronically in five different methods, a physical copy can also be sent to the Centralized Processing Centre for verification (CPC), Bengaluru.
Note that if an ITR is not confirmed within 120 days of filing, the income tax authorities will not consider it a genuine return. Furthermore, if the ITR is not confirmed, it will not be accepted for processing by the tax department. Furthermore, taxpayers will not receive any tax refund unless they have filed a validated ITR that has been confirmed by the income tax department after processing.
An individual can file a condonation delay request on the e-filing income tax site if an ITR was not verified within the statutory time limit owing to a legitimate reason. They will be asked to explain why the ITR was not confirmed earlier when filing such a request. If specific circumstances are met, the income tax department will grant a request for a deferral in payment. The following are some of the criteria:
Step 1: Login to your account on the income tax portal.
Step 2: Under the ‘Services’ tab on your Dashboard, select ‘Condonation Request’.
Step 3: On the ‘Condonation Request page’, select the type of condonation request you want to proceed with. (Currently income tax department shows only one option: Delay in submission of ITR-V). Select it and click on ‘Continue’.
Step 4: On the ‘Delay in submission of ITR-V’ page, click on ‘Create Condonation Request’.
Step 5: On the ‘Select ITR page’, select the record for which you want to raise a condonation request for delay in ITR-V submission and click on ‘Continue’.
Step 6: On the ‘Provide reason for delay page’, select the reason of your delay and click on Submit.
Step 5: On the ‘Select ITR page,’ select the record for which you want to submit an ITR-V delay condonation request and click ‘Continue.’
Step 6: Select the cause for your delay on the ‘Provide explanation for delay page’ and click Submit.
A success notification will appear, along with a Transaction ID. Make a mental note of the Transaction ID for future use. A confirmation message will be sent to the email address and mobile number you provided when you registered with the e-Filing portal.
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Keep in mind that there is no explicit provision in the Income Tax Act that specifies a time restriction for filing a condonation delay request. However, the CBDT has stated in Circular No. 9/2015 dated June 9, 2015 that no condonation application for a refund/loss claim will be considered after six years from the end of the assessment year for which the application/claim is lodged.
Through the new income tax site, you can quickly check the status of your condonation request. The ‘Condonation Request’ option under the ‘Services’ tab can be used to track the status. You will not be able to file an ITR until your delay condonation request is approved. While there is no set timeframe for acceptance or denial of a condonation request, the tax department typically processes such requests in 3 to 4 months.
If the application is denied, the return will remain unverified, and a non-verified return is viewed as an invalid return under income tax regulations, meaning the individual will be responsible for all of the repercussions of failing to file a tax return. If the assessee’s request for a condonation is denied, they will be liable to criminal sanctions under the IT law.