In a big growth, the Revenue Tax Division has reported {that a} staggering 7.28 crore earnings tax returns (ITR) had been filed by the deadline of July 31, 2024. Notably, round 5 crore of those returns had been filed by July 26, 2024, which exhibits a surge in the previous couple of days earlier than the deadline. This surge led to an extra 2.28 crore ITRs being filed between July 27 and July 31, 2024.
As per the earnings tax laws, taxpayers are required to confirm their ITRs inside 30 days from the date of submitting, both by way of the e-verification course of or by submitting the ITR-V (Verification) type by way of the offline mode. For many who filed their returns throughout the previous couple of days of July, this implies the deadline for verification falls between August 26 and August 30, 2024. Failure to finish this verification course of throughout the stipulated time-frame may outcome within the return being thought-about as filed late, which can entice penalties.
Taxpayers urged to finish ITR verification
Experiences point out that by August 20, 2024, a complete of seven,41,37,596 ITRs had been filed, out of which 7,09,89,014 had been verified by 6 pm on the identical day. This leaves round 32 lakh ITRs that had been filed however had not but been verified as of August 20, 2024. Whereas the verified ITRs as of August 19, 2024, might embrace these filed after July 31, 2024, it’s estimated that a minimum of 19 lakh ITRs out of the 7.28 crore filed by the unique deadline are nonetheless awaiting verification. Taxpayers who’ve but to confirm their ITRs are urged to take action promptly to keep away from the penalties related to late submitting. Because the deadline approaches, it’s essential for many who haven’t but accomplished the verification course of to make sure compliance and keep away from potential problems.
Revenue Tax Refund: Methods to test refund standing with PAN particulars
- First log in to the official portal of the earnings tax division
- On the house web page, register to your account by offering your credentials comparable to password, PAN, and captcha code.
- On the brand new web page, find and entry the ‘My Account’ part.
- Within the ‘My Account’ part, click on on the “Refund/Demand Standing” button to view the standing of your earnings tax refund.
ALSO READ: Is your Revenue Tax refund getting delayed? This is how one can test standing with PAN card particulars
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