Condonation of Delay in Filing ITR

What is Condonation of Delay in Filing ITR?

Condonation of delay in filing ITR is a special relief provided by the Income Tax Department to the taxpayers for late filing or verification of ITR. Every assessee or taxpayer must submit the Income Tax Return and Complete its verification by a specific date. The last date for filing ITR in India is 31st July. However, if the taxpayer fails to file the ITR within the specified time limit, he might face heavy penalties.

Condonation of delay in filing ITR is a special relief provided by the Income Tax Department to the taxpayers for late filing or verification of ITR. To avail of this benefit, the assessees must file a request for condonation of the delay in filing ITR over the e-filing portal. Then, if the income tax officers deem fit, they can accept the request and give the taxpayer a second chance to file the ITR.

What are the Prerequisites for Filing a Condonation Request?

Before you go ahead and file a request for condonation of delay in filing the ITR, you must have the following -

• You must be registered with the e-filing portal and have a valid password and user Id and use it later to file the condonation request.
• You must also have your PAN card linked to your bank account.
• You must have a validated bank account and a demat account. It should also be enabled for e-verification.

How to File a Condonation Request for Filing ITR after the Time Limit?

If you miss filing the ITR by the given date, the only way to save yourself from penalties is to file a request for condonation of delay. You should follow these steps to file the request -

• Step 1. Visit the online filing portal of the IT Department
• Step 2. Log in with your ID and password.
• Step 3. Visit your ‘Dashboard’ and click on ‘Services’ at the top bar.
• Step 4. Now, select the ‘condonation request’ from the drop-down menu.
• Step 5. A condonation request page will appear. Select the option Delay in submission of ITR-V under Select the type of condonation request you want to proceed with and click ‘continue.’
• Step 6. On the filing after time barred page, click on ‘create condonation request.’
  On the ‘enter details and create ITR page,’ enter the required details.
  • Select the request category
  • Assessment Year
  • ITR
  • Claim Value
  • Filing Type
  • Reason for delay in filing and ITR type
• Step 7. Finally, press ‘Submit.’
• Step 8. You receive a success message and a Transaction Id.

What are the Steps to Submit a Condonation Request for Delay in ITR Verification?

If you fail to e-verify your ITR after filing it within 30 days, you must submit a request for condonation of delay in verification of the ITR. Follow these steps you need to follow while filing a request for condonation of delay in verification of ITR -

• Step 1. Navigate to the e-filing website.
• Step 2. Log in with your Id and password.
• Step 3. Visit the Dashboard, click on ‘services from the top bar, then click ‘condonation request’ from the drop-down menu.
• Step 4. On the condonation request page, select ‘delay in submission of ITR-V,’ and press continue.
• Step 5. On the next page, click ‘Create condonation request.’
• Step 6. On the ITR page, select the ITR for which you want to file the condonation of delay and click continue.
• Step 7. Now, provide the reason for the delay in verification and press submit.

Despite the fact that you can get a condonation of delay in filing ITR, filing after the due date can result in heavy penalties, notices and legal consequences. Therefore, it is best to avoid such a havoc.

ITR filing for FY 23-24 is ongoing and the last date to file ITR is 31st July 2024. File your ITR now and say ‘No’ to penalties and notices. And if you find taxes complicated, book an online CA and let experts handle your taxes. File now with experts!