In a significant development, the Income Tax Department has reported that a staggering 7.28 crore income tax returns (ITR) were filed by the deadline of July 31, 2024. Notably, around 5 crore of these returns were filed by July 26, 2024, which shows a surge in the last few days before the deadline. This surge led to an additional 2.28 crore ITRs being filed between July 27 and July 31, 2024.
As per the income tax regulations, taxpayers are required to verify their ITRs within 30 days from the date of filing, either through the e-verification process or by submitting the ITR-V (Verification) form through the offline mode. For those who filed their returns during the last few days of July, this means the deadline for verification falls between August 26 and August 30, 2024. Failure to complete this verification process within the stipulated time frame could result in the return being considered as filed late, which may attract penalties.
Taxpayers urged to complete ITR verification
Reports indicate that by August 20, 2024, a total of 7,41,37,596 ITRs had been filed, out of which 7,09,89,014 had been verified by 6 pm on the same day. This leaves around 32 lakh ITRs that were filed but had not yet been 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 crore filed by the original deadline are still awaiting verification. Taxpayers who have yet to verify their ITRs are urged to do so promptly to avoid the penalties associated with late filing. As the deadline approaches, it is crucial for those who have not yet completed the verification process to ensure compliance and avoid potential complications.
Income Tax Refund: How to check refund status with PAN details
- First log in to the official portal of the income tax department
- On the home page, sign in to your account by providing your credentials such as password, PAN, and captcha code.
- On the new page, locate and access the 'My Account' section.
- In the 'My Account' section, click on the "Refund/Demand Status" button to view the status of your income tax refund.
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