What if income tax return becomes invalid?

A non-verified return is treated as an invalid return under the income tax laws, i.e., an individual will have to bear all the consequences of not filing a tax return. In case a condonation request of the assessee is not granted, he/she would be subject to penal provisions.

What do I do if my tax return is invalid?

As original return has been declared invalid, it is assumed that return has not been filed. When an ITR has been declared invalid, there is no need to file revised return. An assesse can file another return as a belated return u/s 139(4) within the time limits prescribed.

Why is my income tax return is invalid?

And if you have filed your ITR but haven't verified it, the income tax department treats it as Invalid e-return. Essentially it means that you have not filed your return for the specific assessment year. You must file your return again, as the original return after invalid ITR-V is also considered as invalid.

What is meant by invalid return?

(a) a return invalid for non-compliance of procedure for using any software not validated and approved by the Director General. (b) a return defective under sub-section (9) of section 139 of the Act on account of incomplete or inconsistent information in the return or in the schedules or for any other reason.

What happens if return treated as invalid 139 9?

Section 139(9) of the Income Tax Act, 1961 states that when a return is found defective, the A.O. gives you a period of 15 days to correct the mistake.

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What is the time limit of rectification of defective return?

6. What is the time limit within which I can respond to a Defective Notice sent by Income Tax Department? If your return is found defective, you will get 15 days of time from the date of receiving the notice or as the time duration specified in the notice to rectify the defect in the return filed by you.

Can I file revised return after ITR processed?

Yes, any taxpayer can file a revised income tax return before 3 months in the completion of the assessment year or before the end of the assessment of the return, whichever is earlier.

What happens if we don't e verify my ITR?

If you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961. However, you may request condonation of delay in verification by giving appropriate reason.

What happens if ITR is not sent in 120 days?

If you fail to submit your ITR-V within 120 days of filing your Income Tax Return, then your Income Tax Return will be considered as null and void or invalid. It means, the Income Tax Department will consider, that you have not yet filed your IT return.

How do I e verify my tax return?

Step 1: Go to the e-Filing portal homepage and click e-Verify Return. Step 2: On the e-Verify Return page, enter your PAN, select the Assessment Year, enter Acknowledgment Number of the ITR filed and Mobile Number available with you and click Continue.

Is it mandatory to e verify income tax return?

-As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return.

Can we file ITR for previous years?

Individuals can file returns for the previous years. This can only be done for the two years preceding the current financial year for which the returns have to be filed. Taxpayers are provided a two year period during which returns can be filed.

Can income tax return be filed after due date?

If you miss filing ITR by the due date, you can file the belated return by 31st December 2022. However, you are required to pay the penalty for late filing. The maximum penalty of Rs 5,000 will be levied if you file your ITR after the due date 31st July 2022 but before 31st December 2022.

Can ITR be verified after 120 days?

VERIFY your tax return, to complete your return filing process. If 120 days from the date you e-filed are not over yet – you can e-verify your tax return by EVC, Aadhaar or Net Banking. If 120 days from the date you e-filed are over – Send your ITR-V – steps here.

How much time does it take for ITR verification?

The whole process generally takes 30- 45 days from the day of e-verification or the receipt of ITR-V by the CPC.

Is there any penalty for revised ITR?

ITR form can be changed while revising of return. No penalty can be levied by the department for bonafide mistakes (unintentional) If the assessing officer discovers that the error/ omission was intentional/fraudulent return revision of return is not allowed and penalty may be levied.

How many times we can revise income tax return?

8. OTHER RELEVANT POINTS : (a) The Revision can be done either in the same ITR Form in which the original return was filed or in a different ITR Form. (b) There is no limit for the number of times you can file a revised return provided it is within the prescribed time limits.

How do I cancel my income tax return?

How many years can income tax go back in India?

The amended law allows the department to go back 11 years (i.e. 10 years from the end of the assessment year in which the notice is received) if total income that has escaped tax is suspected to be more than Rs 50 lakh; it's four years if escaped income is below Rs 50 lakh.

What is defective or incomplete return?

1. What is a Defective or Incomplete Return. Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of 15 days from the date of such intimation.

Can I file ITR for last 2 years now?

Conclusion. It's crystal clear that you cannot file an ITR for the last 3 years at once. If you want to file income tax returns for the financial year 2017-18, the last date for filing the belated ITR has already passed on 31 March 2019.

How much is the penalty for late filing of ITR?

As per the changed rules notified under section 234F of the Income Tax Act, filing your ITR post the deadline, can make you liable to pay a maximum penalty of Rs. 5,000.

Can I file last 3 year ITR?

As you can see that you can file your previous years return in the current year and for filing of previous year's income tax return, you have to pay penalty or interest. If there is no tax liability on you then you can file your previous years return without paying penalty or interest.

Can I file 2 years of taxes at once?

Yes, you can. You will need to file the income from each year, separately. A tax return for each year of income that you need to report.

Is it mandatory to file income tax return for income less than 5 lakhs?

Many people believe that they don't need to file their tax returns if their total income is below INR 5 lakh, which is not really True. The real fact is that no changes have been made in the income slab for the two years, i.e. FY 2020-21 and FY 2021-22 by the central government.