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ITR Verification - Importance and Process

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ITR Verification - Importance and Process
August 28, 2018

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Citizens of India are liable to pay income tax under the Income Tax Act, 1961. Payment of income tax is a financial obligation for individuals generating income. Taxpayers need to pay income tax according to rates prescribed in each income tax slab.

If your total annual income exceeds the exempted limit of INR 2.5 lakh (INR 3 lakh for senior citizens and INR 5 lakh for very senior citizens), it is imperative to file an Income Tax Return (ITR). This is also applicable to other entities such as trusts or Hindu Undivided Families (HUFs), among others.

Importance of ITR verification

Individuals are required to file their Income Tax Returns within the deadline stipulated every year. Upon the filing of Income Tax Returns, the next step is to send the same for verification. In case your ITR verification is not done within a time frame of 120 days from the date of filing, it is considered as invalid.

It is, therefore, important to prepare and file your Income Tax Returns within the stipulated date and verify the same either online or by sending a physical copy. The good news is that the Income Tax Department allows you to submit a belated ITR if you have a genuine reason for not being able to verify your ITR within the allocated window of 120 days. This is known as a condonation delay request. Opting for such a condonation delay request allows you to submit a belated ITR and thereafter apply for an e-verification or request the ITR department for e-verification.

The process of filing a condonation delay request

In case you fail to verify your ITR within 120 days, you may follow the below-mentioned steps to submit a condonation delay request.

  • You may visit the official income tax website, and log in using your username and password. You are also required to enter the captcha code.
  • You may navigate through the My Account tab and click on Service Request.
  • The next step is to choose a new request under the Request type' tab. From the drop-down menu, you may click on condonation delay request.
  • You may then select the relevant ITR and the Assessment Year (AY). It is also necessary to choose the reason for the delay from the menu.
  • Once you have submitted the condonation delay request, it is advisable to periodically check the status of your request.
  • You may note that a condonation delay request does not provide a guarantee that the ITR department will accept your delayed ITR verification. Under Section 119(2)(b) of the Income Tax Act, 1961, the ITR department has full rights to accept or reject your request according to the merits of the case.
  • Preparing, filing, and verifying your ITR is a crucial part of tax planning. It is, therefore, necessary to be well aware of the deadline date, the process of filing, the income tax slab rates, and exemptions and deductions, among other aspects. You may also have knowledge about the income tax rates and the documents needed to file an ITR. By doing so, you may be a well-informed taxpayer.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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