ITR Filing: In Income Tax Return filing, e-verification is the proof of submission of your ITR. It acts like a digital signature. It verifies that the information you have entered is correct.
ITR Filing: What happens if ITR is not verified on time?
When ITR data is electronically transmitted and e-verified, or ITR-V is submitted within 30 days of transmission, the date of electronic transmission will be considered as the date of filing the return of income. But if ITR data is electronically transmitted, but e-verification or ITR-V is submitted after the 30-day deadline, the date of e-verification or submission of ITR-V will be considered as the date of filing the return of income. In such a case, it is considered late filing under the Income Tax Act.
Late Filing
The date of e-verification will be considered as the date of filing of your ITR, not the date of original filing. Due to this, late filing may attract penalty and interest charges.
No Return Without Verification
If the ITR is not verified, it is considered invalid. It is made as if you never filed. This can lead to further problems in the future.
ITR Late Filing Penalty: ITR Filing Last Date 2024
If you miss filing your ITR by July 31, you can still submit a belated return by December 31, 2024. However, late filing attracts a penalty. If you file your ITR after July 31, 2024, but before December 31, 2024, a maximum penalty of Rs 5,000 will be levied.
Relief for small taxpayers
If your total income does not exceed Rs 5 lakh, the maximum penalty for delay is Rs 1,000. Apart from this, if your total income is less than the basic exemption limit, then no penalty will be imposed.
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