Guidelines for submit request Condonation of Delay

Guidelines for submit request Condonation of Delay

If you miss the e-verification deadline for your ITR, your return will be considered invalid, which essentially means it will be treated as if it was never filed. However, you can still resolve this issue by requesting a condonation of delay.  The Tax Dept recognizes that unforeseen events may prevent taxpayers from meeting the deadlines for filing or e-verifying their ITRs. In such cases, they provide an option to request a Condonation of Delay, which allows you to submit your return or e-verification even after the due date. Basic conditions for availing condonation request service are Taxpayer must be a registered user of the e-Filing portal, having a valid user ID and password, PAN card needs to be linked to your bank account, Taxpayer bank & Demat account need to be validated and e-Verification enabled. Here’s an overview and detailed steps on how to handle both scenarios:

Scenarios Where Condonation of Delay Can Be Applied:

• In case of Late Electronic Verification: After filing your ITR electronically, you typically have 30 days to e-verify it. If you miss this deadline, you can apply for condonation to request leniency from the Income Tax Department, allowing you to complete the e-verification after the deadline, provided you have a legitimate reason for the delay.

• Late ITR Filing: The usual deadline for filing your ITR is July 31st each year. If you miss this deadline, you can also request condonation. However, late filing may result in penalties depending on the delay duration and your total income. The Income Tax Department will assess your request based on the reasons provided, and strong justifications increase the likelihood of approval.

When Can You Utilize the Condonation Request Service?

You must be a registered user of the e-Filing portal with a valid user ID and password. Your PAN must be linked to your bank account, and your bank and demat accounts must be validated with e-Verification enabled. General deadline for filing ITR is July 31, 2024. Missing this deadline without e-verifying your return can result in penalties, which you might avoid through a successful condonation request. Submitting a condonation request does not automatically guarantee approval. The Income Tax Department will evaluate the validity of your reason for delay and decide accordingly. While the online process is recommended, there might be an offline option available in specific cases

Step by Steps guidelines for submit request Condonation of Delay

Steps to Request Condonation of Delay: By promptly filling a condonation request & completing the e-verification, you can mitigate consequences.

• Visit Income Tax e-Filing Portal and log in using your credentials.

• Navigate to the ‘e-File’ section and select ‘Income Tax Forms.’Choose ‘Condonation Request’ from the list of forms.

• Provide the necessary details, including the assessment year, return filing acknowledgment number, and a valid reason for missing the e-verification deadline.

• When the Condonation Request page loads, choose the ‘Delay in submission of ITR-V’

• As the ‘Delay in submission of ITR-V’ page loads, press ‘Create Condonation Request.’

• The Income Tax Department will review your request. If the reason provided is considered valid, they may approve your request for condonation of delay. Once your request is approved, you will receive a notification, Log in to the e-Filing portal and complete the e-verification process as soon as possible.

• After submitting a condonation request on the Income Tax e-filing portal, you will receive a success message along with a Transaction ID displayed on the screen. It’s a good idea to take a screenshot or note down the Transaction ID for future reference. Additionally, you will receive a confirmation message on your registered mobile number and email ID.

Consequences of an Invalid Return:

You may be subject to penalties or fines for late filing if your return is treated as invalid. or Failing to rectify defects within the allowed period will result in your ITR being treated as invalid, leading to possible consequences such as interest, penalties, non-carry forward of losses, & forfeiture of specific exemptions. An invalid return means you won’t be able to carry forward any losses from that year or claim refunds. Repeated failures to submit or verify ITR Returns on time may attract legal scrutiny or audits also.