ITR

ITR: Filed Income Tax Return on Time? You Can Still be Charged a Fine of Rs 5,000; Know Why

The last date to file income tax returns has already passed last month, whereby crores of income taxpayers filed their ITRs. However, verifying income tax returns are as important as filing them, since unverified ITRs are treated as invalid by the income tax department. Once the taxpayer verifies the ITR, the income tax department processes it, sends the income tax intimation and issues refunds if applicable. A taxpayer needs to verify your Income Tax Returns to complete the return filing process.

Read More:-SBI Hikes Fixed Deposit Interest Rates for These Tenors: Check New SBI FD Rates Here

You need to verify your Income Tax Returns to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid. e-Verification is the most convenient and instant way to verify your ITR,” said the income tax department on the e-filing website.

Read More:-Rakesh Jhunjhunwala’s legacy grew richer with Akasa Air, India’s newest airline

As per data on the e-filing website, a total of 5.83 crore income tax returns were filed, out of which 4.02 crore returns were verified till July 31, which was the last date to file ITR.  The Income Tax department had processed 3.01 crore verified ITRs till July 31, as per the website.

ITR e-Verification Last Date

Read More:- HDFC-HDFC Bank merger gets CCI approval: What next?

Now, taxpayers have to electronically verify or e-verify their income tax returns (ITR) within 30 days of filing the return of income. Earlier the time limit was 120 days. In a notification, the Central Board of Direct Taxes (CBDT) said it has reduced the time limit for verification of income tax to 30 days from the date of transmitting or uploading the data of return of income electronically. This new rule will into effect from August 1, 2022, the CBDT said.

“It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/ uploading the data of return of income electronically,” the notification said.

What Happens if You Don’t Verify ITR?

Read More:-How Rupee Has Depreciated By Rs 75 In The Past 75 Years – EXPLAINED

As mentioned earlier, without verification within the stipulated time, an ITR is treated as invalid. This means that penal charges will be applicable as per non filing of income tax return in case an ITR is not verified, including a Rs 5000 late fee. In case you forget to verify it on time, you need to submit request for condonation of delay by providing an appropriate reason for the delay. But the return will be taken as verified only after approval of the condonation request by the Income Tax Department.

What are the Different Ways to e-Verify ITR?

Read More:-At malls, markets, Metro stations in Delhi, no entry without mask

  • OTP on mobile number registered with Aadhaar, or
  • EVC generated through your pre-validated bank account, or
  • EVC generated through your pre-validated demat account, or
  • EVC through ATM (offline method), or
  • Net Banking, or
  • Digital Signature Certificate (DSC).
Source :
Click to comment

Leave a Reply

Your email address will not be published.

Most Popular

To Top