July 31 remains the general deadline for individuals to file an ITR for students, salaried individuals, pensioners and others who are not required to undergo a tax audit. However, this year, taxpayers with business or professional income who do not require a tax audit can file their ITR till August 31.
The last date for companies and taxpayers subjected to a tax audit remains unchanged at October 31. For transfer pricing companies, November 30 is the deadline.
Failing to file an ITR before the deadline can attract a penalty of ₹5,000 and will require the taxpayer to submit a belated one. If a belated ITR is also not filed, that counts as a violation of the income tax law.
However, uploading an ITR on the the Income Tax Department's portal does not complete the process. E-verification is required for the return to be treated as valid under the Income Tax rules. The ITR can be verified after July 31, provided that the verification is completed within 30 days after filing.
Delays beyond 30 days may result in the verification date being the day of filing. This can result in it being classified as belated. If it is not verified by December 31, the return may be treated as invalid.
Taxpayers can complete the digital verification using Aadhaar OTP, net banking, an Electronic Code verification or a Digital Signature Certificate. If these options are not used, the taxpayer will have to follow the procedure to submit a signed ITR-V.
An Income Tax Return (ITR) is a formal document that declares your yearly earnings, tax deductions and taxes paid to the government. If you have paid extra tax, the government will refund the money to you based on the findings of this document. It also serves as proof of your financial record for loans and visas. ITR is mandatory if your income crosses the base tax-free limit.
