ITR Filing: The Income Tax Department has informed taxpayers that as per the Income Tax (IT) Act, 1961, delay in verification may have adverse consequences.
ITR Filing: If it is the month of July, then obviously you are preparing to file your income tax return. The last date of 31st July is coming closer. After gathering all the documents, once you finally file your income tax return i.e. ITR, then know one thing here that it is very important to verify it within 30 days. If you do not do this on time, then it will cost you dearly later. You will have to pay a penalty. The Income Tax Department informed the taxpayers that according to the Income Tax (IT) Act, 1961, delay in verification can have adverse consequences. Let us know how to verify ITR.
How to verify ITR
The most convenient and easy way to do this is to e-verify the return through Aadhaar-OTP, Net Banking or pre-validated bank account/demat account. If you are not comfortable with online verification, you can also send a physical copy of the ITR-V to the Central Processing Center (CPC) in Bengaluru. However, this is a more time-consuming process. Some of the popular ways to e-verify the return are: 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.
Verification is complete, confirm it this way
When you e-verify your return, you will receive a success message and a transaction ID on your registered mobile number. An email will also be sent to the email ID registered with the Income Tax e-filing portal.
If you miss it, you will have to pay a fine
According to the rules of the Income Tax Department, it is worth noting that if 30 days have passed, the date of verification will be considered as the date of filing. Late verification will attract late fees under section 234F. According to the news of Livemint, according to CBDT (Central Board of Direct Taxes) Notification No. 2/2024 dated March 31, 2024, other consequences will have to be faced. Let us tell you, the late fee is Rs 1,000 for total income up to Rs 5 lakh and Rs 5,000 for total income of more than Rs 5 lakh. That is, you will have to pay a fine in this range.
