Business
Filed your ITR FY 2023-24 in the last days of July? Your ITR will become invalid by this date if not verified
It is crucial for taxpayers who submitted their ITRs during this period and have not yet verified them to do so promptly to avoid the penalty associated with filing a late ITR.
As per income tax rules, “The time limit for e-verification or submission of ITR-V (offline process) is 30 days from the date of filing of the ITR.”
According to an ET report, the tax department reported that the total number of ITRs filed until August 20, 2024, was 7,41,37,596, with 7,09,89,014 (approximately 7.09 crore) ITRs verified by 6PM on the same day. This indicates that around 32 lakh ITRs were filed but not verified as of August 20, 2024.
Although the total number of verified ITRs as of August 19 may include ITRs filed after July 31, it is estimated that at least 19 lakh ITRs out of the 7.28 crore filed by July 31, 2024, are yet to be verified.
Chartered accountant Dr Suresh Surana spoke about the 30-day time limit for ITR verification,, “Such a time-period shall be calculated including the 30th day as per the bare reading of the provisions of the income tax act. The income tax return filed under section 139(1) has to be verified within a period of 30 days from the date of furnishing the ITR. Hence if the ITR is filed on 31st July, 2024, the same shall be verified up to 30th August, 2024.” Verification of ITR is essential for processing the return and receiving tax refunds.
Ashish Niraj, a chartered accountant and partner at A S N & Company, told ET that if an individual has filed their ITR online but used the offline process (ITR-V) for verification and the form is submitted or reaches the Centralized Processing Center (CPC) beyond 30 days from the date of filing the ITR, it will be considered as if the individual has not filed an ITR at all. “Hence all consequences of late filing of ITR under the Act shall follow,” he says.
ITR Verification Deadline
Source: ET quoting CA (Dr.) Suresh Surana
Filing an income tax return is necessary to receive an income tax refund if you are eligible for one. In case you missed the July 31, 2024 deadline for filing the ITR or filed it by the deadline but failed to verify it within the 30-day period, you can still file a belated ITR. It is crucial to verify the filed ITR before the 30-day deadline expires; otherwise, your effort will be in vain, and you may not receive the tax refund.
CA Twinkle Jain explains, “If an ITR is not verified within this (the 30 day) period, it is considered invalid. This means that any tax refund claims associated with these ITRs will not be processed, and the taxpayer may have to file the ITR again, resulting in a delay in the tax refund process.”
Failing to verify the submitted ITR within the 30-day deadline would result in the need to file a belated ITR and face the consequences of late filing, such as a late fee under section 234F of Rs 5,000 (limited to Rs 1,000 if the total income does not exceed Rs 5 lakh).
Furthermore, if you have not verified the ITR filed before the 30-day deadline and the ITR filing deadline (July 31, 2024) has passed, you may not be able to opt for the old tax regime.
“We have seen IEA (International Energy Agency) and all such agencies lowering demand outlook in recent times.But India has emerged as a major (demand) growth centre,” he said, alluding to the growing size of India’s consumption — pegged at about 5 million barrels/day — offers a substantial market for suppliers in a tepid market.
On joint negotiations by the refiners with Russia, the official said “talks” among them “are ongoing”. Indian refiners sign annual contracts with major suppliers for part of their requirement and meet the rest through spot purchase.
The focus on Russia stems from the fact that it has become India’s top oil supplier because of discounts offered in the wake of Western sanctions and a $60 per barrel price cap, imposed after Moscow’s 2022 invasion of Ukraine, curbed markets for the Russian barrels. State-run refiners mostly buy Russian oil through spot tenders.
A similar attempt by state-run refiners to secure better terms from the Middle-East suppliers about 15 years back had come a cropper.
But the official said a contract is more than the price, which follows benchmarks. “For example, one can seek discounts, longer payment credit period, destination flexibility (allowing diversion cargo to another port in India) and other terms,” he said.
Both OPEC, accounting for 40% of globally traded oil, and the IEA have in recent times pruned their 2024 demand growth forecast. In contrast, IEA’s oil market report on India has said the country will contribute a third of the global oil consumption growth through 2030 to overtake China.
For the first time in two years, benchmark Brent crude dropped below $70 per barrel last week as fear of oversupply grew amid poor show by the major economies, especially China, the world’s second-largest oil consumer. On Thursday, however, Brent rebounded to hover just below $75, buoyed by the US interest cut.
Initial claims decreased by 12,000 to 219,000 in the week ended September 14, according to Labor Department data released Thursday. That was below all estimates in a Bloomberg survey of economists. The period also corresponds with the so-called reference week when the survey is conducted for the September employment report.
Continuing claims, a proxy for the number of people receiving benefits, also dropped in the previous week, to the lowest in three months.
The four-week moving average, a metric that helps smooth out volatility in the data, fell to 227,500, the lowest since June.
What Bloomberg economics says…
“Initial jobless claims declined more than expected in the survey week for September’s employment report, due in part to difficulty adjusting the data around a major holiday like Labor Day. Claims tend to be depressed in holiday-shortened weeks, then rebound the following week — so the current data have limited value as a guide to September’s payroll print,” said Eliza Winger.
Claims for unemployment benefits have remained subdued in recent months even as labor demand cooled. The US central bank’s decision to lower interest rates by a half percentage point this week reflected policymakers’ intention to maintain what Federal Reserve Chair Jerome Powell described as “still a solid” labor market.
“We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with disinflation,” Powell said during a press conference Wednesday following the rate-cut announcement.
Initial claims, before adjustment for seasonal factors, rose by 6,436 to 184,845. Texas, New York and California saw the largest increases. Applications in Massachusetts fell by the most since the end of April.
Business
Stock market today: BSE Sensex hits fresh lifetime high, goes above 83,600; Nifty50 above 25,550
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, says, “A 25bps rate cut is already discounted and can lead to profit booking in the market.However, a 50bps rate cut by the Fed could bring some cheer to market sentiments. Also, Fed commentary will be important as it will give clarity on the quantum and duration of the rate cut cycle. We expect the market to remain volatile in the near term with rate-sensitive sectors in focus.”
Nagaraj Shetti of HDFC Securities noted that the short-term trend of Nifty remains positive with range-bound action, and any dips to the support levels of 25,200-25,100 could present a buying opportunity. A decisive move above 25,500 levels might propel Nifty towards higher targets.
In the global markets, U.S. stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points, exceeding expectations. The S&P 500 futures rose 0.5%, while Japan’s Topix gained 2%, and Australia’s S&P/ASX 200 rose 0.2%. Euro Stoxx 50 futures also climbed 0.7%.
In the forex market, the euro, Japanese yen, and offshore yuan experienced slight declines against the US dollar. Oil prices fell in Asian trading on Thursday following the larger-than-expected Federal Reserve interest rate cut, which raised concerns about the U.S. economy.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. Foreign portfolio investors turned net buyers with Rs 1154 crore, while domestic institutional investors bought shares worth Rs 152 crore. The net long position of FIIs increased from Rs 2.2 lakh crore on Tuesday to Rs 2.37 lakh crore on Wednesday.
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