Filing your income tax return (ITR) on time is crucial to avoid penalties. But, if you have missed the deadline for filing your ITR, don’t worry – there are still ways to file your ITR and avoid paying the fine. All you need to do is file a Condonation request to the income tax department. Here’s what you need to know about the Condonation request that will help you to avoid the penalty of filing ITR:
What is a Condonation request?
You may be liable to pay the penalty if you missed the deadline to file your Income Tax Return (ITR). However, you can avoid itr penalty by filing a Condonation request. A Condonation request is made to the tax authorities for leniency in cases where the taxpayer has failed to meet a tax obligation for a few genuine reasons such as illness, natural disasters, or other emergencies. If your Condonation request is approved, the income tax department will waive the penalty that includes the late fee and interest.
How to make a Condonation request?
If you have missed filing your ITR, you can make a Condonation request to the authorities. Making a condonation request is an easy process and can be completed online. Here is the process for making a condonation request:
- Log in to the e-filing portal
- Click on the Condonation Request link under the Services tab.
- Enter your details and the ITR year for which you are making the request.
- Upload the required documents (if any) and submit the request.
- Upon approval of the request, the tax department will notify you via email or SMS.
Who is eligible for the Condonation request?
If you have failed to file your Income Tax Return (ITR) on time, you may be eligible for a condonation request. For that, you must meet the following criteria to be eligible:
- You must have filed your ITR within one year of the due date
- You must have a valid reason for why you failed to file on time
- Your total tax liability must not exceed Rs. 10,000
You can submit a condonation request to the Income Tax department if you meet all of the above criteria, y. Upon approval of the request, you will not be liable for any penalties or interest charges.
What are the benefits of a Condonation request?
If you have failed to file your ITR on time, you may be liable to pay the penalty. However, you can request condonation of the penalty from the tax authorities. You must submit a request letter and the required documents to do so. Here are the benefits of a condonation request:
- You would avoid paying the late filing fee.
- The income tax department would also waive the interest charges on the unpaid tax amount.
- In case you have already paid the late filing fee and interest charges, you can claim a refund for the same.
- You could avoid legal action against you for failing to file your ITR on time.
Conclusion
If you have missed filing your ITR, you can make a condonation request to the income tax department that will waive the penalty and interest upon approval of the request. In the future, you can set up a reminder on your phone about filing the ITR so that you cannot miss it next time. If you are having difficulty meeting your tax obligations, it is crucial to seek professional advice to ensure that you take the best course of action.
