In a significant development, the Income Tax Department reported that a staggering 7.28 million Income Tax Returns (ITR) were filed before the deadline of July 31, 2024. Notably, around 5 million of these returns were filed before July 26, 2024, showing a surge in the last few days before the deadline. This surge led to an additional 2.28 million ITRs being filed between July 27 and July 31, 2024.
As per income tax rules, taxpayers are required to verify their ITRs within 30 days from the date of filing, either through the e-verification process or by submitting Form ITR-V (Verification) through offline mode. For those who filed their returns during the last few days of July, this means that the due date for verification falls between August 26 and 30, 2024. Failure to complete this verification process within the stipulated time frame could result in the return being considered late filed, which may attract penalties.
Taxpayers are urged to complete ITR verification
Reports indicate that a total of 7,413,7596 ITRs had been filed as of August 20, 2024, of which 7,0989,014 had been verified as of 6:00 pm on the same day. This leaves around 32 lakh ITRs that were filed but were yet to be verified as of August 20, 2024. While the verified ITRs as of August 19, 2024, may include those filed after July 31, 2024, it is estimated that at least 19 lakh ITRs out of the 7.28 million filed before the original deadline are still awaiting verification. Taxpayers who are yet to verify their ITRs are urged to do so quickly to avoid penalties associated with late filing. As the deadline approaches, it is crucial for those who are yet to complete the verification process to ensure compliance and avoid potential complications.
Income tax refund: how to check the status of the refund using PAN data
- First log in to the official portal of the income tax department
- On the home page, log in to your account by providing your credentials like password, PAN and captcha code.
- On the new page, locate and access the ‘My Account’ section.
- In the “My Account” section, click the “Refund/Claim Status” button to view the status of your income tax refund.
READ ALSO: Is your income tax refund being delayed? Here’s how to check the status with PAN card details
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