ITR Condonation Request : If You are Not Able To Verify ITR Then This is The Way To Avoid income Tax Action, You Will Have To Do This Work
Yuva Patrkaar : The deadline for verifying ITR by the Income Tax Department has ended. And if you are still not able to verify ITR. So you may have to face notice. With this ITR can be invalid. And penalties may be imposed. But, condonation request can save the taxpayers from these difficulties. Let us know what is the condonation request?
The deadline to file Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24) was 31 July 2023 and the last date to verify ITR was 31 August 2023, which have expired. Says Suresh Surana, founder of accounting and tax consulting firm RSM India. That once the ITR is e-verified by the taxpayers. So the tax return process begins. If this does not happen, the ITR is considered invalid.
Condonation request is the way to avoid income tax action
According to the Income Tax Department, if ITR details are not verified by the stipulated deadline of August 31, notices etc. can be sent to the taxpayers. In this situation, the condonation request saves the taxpayers from any loss.
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Useful when ITR is late or not verified
According to the Income Tax Act, the Income Tax Department can issue notices to those taxpayers who will not be able to file ITR within the stipulated time. and may ask for clarification. If the taxpayers could not even verify the ITR on time. So condolence request can be saved from income tax notice.
Tax authority reviews condonation request
Taxpayers have to submit self-written condonation requests to the Income Tax Department. The reason for the delay in ITR verification has to be explained in the condonation request. Apart from this, proof of the correctness of the information given in the ITR has to be given. If the tax authority accepts the condonation request. So your ITR is considered verified. And you are saved from any other trouble from the Income Tax Department.
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File request through Income Tax Portal
Condonation requests can be filed on the Income Tax e-filing portal. Apart from this, taxpayers can also file a request manually in the office of the Income Tax Department.
Posted Date: September 4, 2023
Publish Date: September 4, 2023
Posted By Ravi Kumar
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