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ITR Filing: Even if you have filled ITR, you may be fined Rs 5,000!

Highlights

An important step after filing income tax return is to verify it.
After filing the return, if it is not verified, then the Income Tax Department will consider it canceled.
If he has to fill it again then he will be fined, because the last date of ITR has passed.

New Delhi. If you are thinking that you have filed income tax return and your work is done then stop. The work is not completed yet. And in this case, you may face a late fee or fine of Rs 5,000. That is why it is necessary to complete this work.

An important step after filing income tax return is to verify it. If a taxpayer has not verified the return after filing it, then the Income Tax Department will consider it as canceled. Meaning that the return has not been filed. And if you have to fill it again, then there will be a penalty, because the last date of ITR has passed.

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Why is it necessary to verify

There can be some mistake while filling ITR. That’s why the Income Tax Department asks people to fill ITR without making any mistake. By verifying, the Income Tax Department comes to know that the taxpayer has gone through it once and the scope of error in it is eliminated.

The Income Tax Department processes any income tax return only after it is verified or verified by the taxpayer. It is finalized after processing. After this, if any refund of the taxpayer is made, the refund is issued to him.

The Income Tax Department on its e-filing website said, “You need to verify your income tax return to complete the return filing process. Without verification within the stipulated time, an ITR is considered invalid. E-Verification is the most convenient and quickest way to verify your ITR.

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According to data from the e-filing website, a total of 5.83 crore income tax returns have been filed, out of which 4.02 crore returns were verified till July 31, which was the last date for filing ITR. According to the website, the Income Tax Department has processed 3.01 crore verified ITRs till July 31.

For how many days can you verify

Now, taxpayers will have to electronically verify or e-verify their Income Tax Return (ITR) within 30 days of filing the income return. Earlier its time limit was 120 days. In a notification, the Central Board of Direct Taxes (CBDT) said that it has reduced the deadline for verification of income tax to 30 days. CBDT said that this new rule is effective from August 1, 2022.

What happens if ITR is not verified?

As mentioned earlier, ITR is considered invalid without verification within the stipulated time. This means that penal charges will be applicable for non-filing of income tax return including late fee of Rs 5,000 in case ITR is not verified. In case you forget to verify it in time, you will have to request an apology for the delay giving a reasonable reason for the delay.

Tags: business news, Business news in hindi, Filing income tax return, Income tax latest news, ITR filing

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