After filing the Income Tax Return (ITR), the next step is verification. Although the last date for filing ITR without penalty ended on July 31, the process does not end here.
After filing the Income Tax Return (ITR), the next step is verification. Although the last date for filing ITR without penalty ended on July 31, the process does not end here. Taxpayers get 30 days to verify from the date of filing ITR. This means that those who have filed their ITR within the deadline, specifically from July 27 to July 31, have 30 days to verify their returns.
IT issued reminder
The Income Tax Department has also issued a reminder to taxpayers regarding the verification process. The IT department emphasized that timely verification is necessary. The reminder from the Income Tax Department states “Dear Taxpayers, Complete your e-filing process today! Do not forget to verify your ITR within 30 days of filing. Late verification as per the provisions of the Income Tax Act, 1961
Late fees may be levied. So verify your ITR today.”
Over 6.91 crore returns have been filed till August 23, but the Income Tax website shows that only 6.59 crore returns have been verified by taxpayers.
What will happen if ITR is not verified?
Without verification, the ITR cannot be considered valid or processed by the Income Tax Department. Taxpayers will not get any refund to which they may be entitled. This will include all the consequences of not filing ITR under the Income Tax Act, 1961. However, taxpayers can request for condonation of delay in verification by giving valid reasons. They will be able to e-verify their return only after submitting such a request. The return will be considered valid only after the waiver request is approved by the income tax authority.
How to verify ITR?
E-verification is the most convenient way to make the verification process easy and quick. The Income Tax Department provides five platforms for ITR verification. Net Banking, Bank ATM, Aadhaar, Bank Account and Demat Account. These platforms ensure a hassle-free and quick verification process.
How to verify ITR through net banking
Step 1: Login to net banking account
Step 2: Click on the ‘e-filing’ link provided by the bank
Step 3: Click on the ‘e-File’ tab and select ‘Income Tax Return’ from the drop-down
Step 4: Select ‘Assessment Year’, ‘Name for ITR’, ‘Submission Mode’ and click ‘Continue’
Step 5: Submit the return
