ITR: verify tax returns before August 31st: As of right now, July 31, 2023, has passed since the deadline for filing income tax returns for the fiscal year 2022–2023 was that day. Although taxpayers must verify their ITRs within 30 days of filing their returns, simply filing an income tax return is not sufficient. While the Income Tax Department has also begun sending alerts to taxpayers reminding them to double-check their tax returns before the due date, it’s crucial to double-check your ITR by August 31.
If the ITR is not verified, it will be deemed invalid, and you might be penalized. The I-T Department might also send you a notice, and you might need to submit a late return with penalties and interest.
Read Also: New Version of Old Income Tax website with new features
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.
If the ITR is submitted by the deadline and the verification is completed within 30 days, the submission date will be treated as the same as the ITR filing date. However, if ITR-V is e-verified after the 30-day window, the date of e-verification will be regarded as the same date as furnishing the return. As a result, any subsequent repercussions will be in line with late return filing.
Read Also: Income tax return: Refund time will reduce to 10 days in FY-23
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.
Methods To Verify ITR
E-verification through ATM: You can still e-verify your ITR through your ATM even if you don’t have a bank account that has been previously validated. You’ll need to insert your ATM card and enter your PIN in order to do this. It is best to select the option to create an EVC for income tax filing. An EVC will be sent to your registered email address and mobile number. You can confirm that the EVC is already there by logging into your e-filing account and selecting that option.
Through Aadhaar OTP: This method requires you to have a registered Aadhaar number and linked it with your PAN. To verify your ITR using Aadhaar OTP, log in to your e-filing account and select the “E-Verify Return” option. Enter your Aadhaar number and OTP, and click on “Continue” to complete the process.
Read Also: Is work from home reimbursement taxable under Income Tax?
E-verification through bank account: This option is available to you if your bank account is pre-validated to receive income tax refunds. You’ll need to get an EVC (Electronic Verification Code) from your bank’s ATM to accomplish this. You can choose the “E-Verify Return” option after logging into your e-filing account and selecting it once you have the EVC. Enter the EVC and choose the “Through Bank Account” option. To finish the procedure, click the “E-Verify” button.
Through Net Banking: You must have a net banking account connected to your PAN in order to use this method. Log into your e-filing account and choose “E-Verify Return” to verify your ITR using net banking. Select your bank, then select “Through Net Banking” from the menu. You will be taken to your bank’s net banking login page by your browser. Select “Continue” after logging in, and then “Verify Your ITR.” You will be directed to the portal for electronic filing. To complete the process for the relevant ITR form, click “Verify”.
Through Demat Account: You must have a demat account connected to your PAN in order to use this method. Log into your e-filing account and choose “E-Verify Return” to verify your ITR using a demat account. Choose “Demat Account” and enter the EVC that was sent to your email and mobile number. To finish the procedure, click “E-Verify”.
Read Also: Income Tax things to know before switching job in mid of year
Disclaimer: The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-7024984925
