ITR Filing: Why August 30 is an important date for income tax payers who have not e-verified their ITR

The last date to file Income Tax Return (ITR) for Financial Year 2022-23 (AY 2023-24) was July 31. But, taxpayers have to keep several other important dates in mind as well. One of them is today, August 30. It is the deadline for several submissions a taxpayer needs to make. Failure to do so will render their ITR invalid.

Let’s take a look at why August 30 is important for taxpayers.

What submissions does one need to make by August 30?

August 30 is the last date for furnishing challan-cum-statement of tax deducted under Sections 194-IA, 194M, 194-IB and 194S of the Income Tax Act, 1961. The sections pertain to taxation on immovable property, rent if the amount exceeds Rs 50,000 per month and TDS.

Apart from those deductions, August 30 is the last date to verify ITR. Taxpayers need to ensure that their tax returns are verified, otherwise their ITR will be considered invalid.

Why do taxpayers need to verify their ITR?

The income tax return must be verified within 30 days of filing ITR online. Earlier, the deadline was 120 days. Considering the July 31 deadline of ITR filing, the last date for verification is August 30. Verification of ITR is a crucial step in the filing process and failure to complete it can lead to levy of a penalty and a notice from the tax authorities. If you do not verify your ITR, you are not eligible to receive any refund as well.

What is the process to verify income tax return?

There are two ways to verify your ITR- online and offline. One can send a signed copy of the ITR-V verification or acknowledgement form to the centralised processing centre (CPC) of the Income Tax Department in Bengaluru within 30 days of filing ITR.

As far as online verification is concerned, you can utilise net banking, OTP on registered mobile number and Electronic Verification code (EVC) generated with pre-validated bank account for verification.

Step-by-process to verify ITR

• Visit incometax.gov.in and login to the e-filing portal.
• Enter your PAN, assessment year, ITR acknowledgment number and registered mobile number.
• Submit the OTP sent on your registered mobile number.
• Choose one of the methods given to e-verify ITR and proceed.
• What to do if you have delayed verifying your ITR?

If you have missed the ITR verification deadline, you can still complete the process. You will need to submit a request for the condonation of delay and give an appropriate reason for missing the deadline. The return will be considered as verified only after the condonation form is approved by the Income Tax Department.