However, if you are unable to verify your ITR electronically, you can physically verify it by sending a signed copy of the ITR V to CPC, Bangalore.
How will I know that my e-Verification is complete?
In case you are e-Verifying your return:
A success message will be displayed along with a Transaction ID
An email will be sent to your email ID registered with the e-Filing portal
What if I don’t verify my ITR?
Without verification within the stipulated time, an ITR is treated as invalid and you may be liable to pay a late fee. If you don’t verify your ITR, your return is not processed and hence you will not receive any refund.
You can check the status of your ITR using this tool:
If you are filing a revised return, you can only verify the latest revised return. If the previous versions of revised returns or original return is not verified, it will ve deemed to be invalid and won’t be processed by the ITD.
e-verification using Aadhaar OTP is the most widely used and fastest method to verify your return.
In case you have successfully e-verified the return, you do not need to worry and can ignore the email.
Usually, the refund takes 6-9 weeks from the ITR being processed. However, it may vary based on the case-to-case basis.
I e-verified after 120 days for FY 20-21. I submitted a condonation request and then e-verified. I can see the status as “Sucessfully e-Verified after due date. Your condonation request is forwarded for approval. This return will be invalid till approved.”
Will my condonation get approved?
How long does it take to get any response?
What will be the next step if it gets rejected?
(1) as you said : Income tax filing is mandatory in some cases …as you have mentioned above …
(2) Incase ITR is not filed : because : there are no loses incurred ; no taxable income etc ;
(3) you said : fees under section 234F may be applicable …
(4) BUT . : what if the taxable income is zero ?
because ; as you said : the quantum of the fees depends on the Taxable income of the taxpayer .
So , no fees ; no penalty ! right ?
so . even if : Income tax filing is mandatory in some cases ; if some one does not file the I.T. returns ; there is No harm in it !
Yes. Then there is no requirement to file. And no question of any penalty.
You may receive a notice from the tax department asking you the reason why the return has not been filed. Many people who are not filing returns are facing this situation nowadays since all information regarding interest, rent, purchase/sale of securities, immovable properties, etc is being reported in AIS (Annual Information Statement).
Then you will have to spend a lot of time and effort to comply with details requested from such a notice. So to save your time too - you can plan and file your returns well in advance of the due date.