When it comes to income tax returns (ITR), timing is everything. If certain vital tasks aren’t completed by 2024 August 30, your tax refund could be at risk. Here’s what you need to know to ensure you don’t miss out on your refund.
Did You Miss the July 31 Deadline? Here’s What to Do
The deadline for filing your Income Tax Return for the financial year 2023-2024 was July 31, 2024. However, if you missed it, don’t panic just yet. While the window for timely submission has closed, you still have the option to file a belated return. Keep in mind, though, that this comes with a penalty, and you’ll still need to complete all subsequent steps to ensure your return is valid.
The Importance of Verifying Your ITR Electronically
After filing your ITR, the next crucial step is to verify it electronically. Failure to do so within the required time frame will result in your ITR being rejected, meaning you won’t receive your tax refund. The verification is not just a formality; it’s an integral part of the filing process that validates your submission.
What’s the Deadline for Electronic Verification?
According to income tax regulations, the ITR must be verified electronically within 30 days of filing. For instance, if you submitted your ITR on July 25, you have until August 25 to complete the electronic verification. This step is non-negotiable—missing it means your ITR will be considered invalid.
The Income Tax Department has indicated that approximately 3 million ITRs have not yet been electronically verified. If you’re among this group, it’s imperative to act quickly.
No Verification, No Refund
If the electronic verification isn’t completed within the 30-day window, your ITR will be rejected. This rejection not only invalidates your return but also disqualifies you from receiving your tax refund. Without a valid ITR, the refund process cannot proceed, leaving your refund in limbo.
What if You Haven’t Filed Your ITR Yet?
For those who haven’t yet filed their ITR, there’s still an opportunity to do so. You can file a belated return, though it will incur a penalty. Once filed, remember that you still have to verify it electronically within 30 days, just as you would with a timely return.
Missing this step after submitting a late return would be doubly unfortunate, as you would have paid the penalty only to have your return rejected due to lack of verification.
How Long Does It Take to Receive a Refund?
A common question among taxpayers is how long it takes to receive a refund after filing and verifying their ITR. Generally, the Income Tax Department initiates the refund process within a month after verification. However, the exact timing can vary depending on the specific ITR form you filed and other processing factors.
If you’re still waiting on your refund, make sure to double-check that your ITR was both submitted and verified within the appropriate time frames. Any delay or oversight in these steps could be the reason your refund is held up.
Final Thoughts: Act Now to Secure Your Refund
Missing out on your tax refund due to overlooked steps in the ITR process can be frustrating. To avoid this, ensure all necessary actions, particularly electronic verification, are completed by August 30. This will safeguard your refund and keep you in good standing with the tax authorities.
Remember, time is of the essence—verify your ITR today and avoid the headache of a rejected return.
