The Income Tax Department has also started notifying taxpayers, reminding them to verify their tax returns before the due date.
The last day to file the Income Tax Returns for the financial year 2022-23 has already passed as the due date was July 31, 2023. However, just filing the Income Tax Return is not enough as taxpayers also need to verify their ITR within 30-days of filing the returns. While the Income Tax Department has also started sending alerts to taxpayers reminding them to verify their tax returns before the due date it’s important to verify your ITR by August 31.
If not verified, the ITR will be considered invalid and you may have to pay a penalty. You may also receive a notice from the I-T Department and may need to file a belated return with fines and interests.
Read More: New Income Tax portal: CBDT launches revamped website of I-T department
What happens if you fail to verify your return?
What will happen in case you have filed your income tax returns before the due date but fail to verify the same within the mandated 30-day period? To understand the same, let’s learn about the entire process.
In case the ITR is submitted within the due date and the verification is done within 30 days, the date of submission will be considered the same as the date of ITR filing. On the other hand, if ITR-V is e-verified after the limit of 30 days, the date of e-verification will be considered the same date of furnishing the return. As a result of this, the future consequences shall follow in line with late return filing.
Read More: Income Tax Return: Verify Your ITR Soon To Avoid Last Fee Up To Rs 5,000
What is the late fee if you fail to e-verify your ITR?
According to the existing Income Tax norms, failure to verify the ITR within the stipulated deadline would result in a late fee of Rs 5,000. If the total income of the taxpayer does not exceed Rs 5 lakh, then the late fee will be Rs 1,000.
Read More: Why you haven’t received your tax refund for FY23: Common causes explained
How to e-verify your ITR filing?
Taxpayers can verify their ITRs through various ways including Aadhaar-based OTP, EVC through bank or net banking, Electronic Verification Code (EVC), and Digital Signature Certificate (DSC). Taxpayers can choose from the aforementioned options that suit them best.
