ITR Verification Deadline: A record number of ITRs have been filed this year, but many of those crores are at risk of penalty even after filing ITR before the deadline…
The deadline for filing income tax return for the current assessment year has passed. This time taxpayers have made a record in terms of filing ITR. Till the end of the deadline on 31 July 2023, 6.77 crore ITRs were filed, which is about 1 crore more than last year. Now those who are left to file income tax return will have to pay penalty for filing ITR.
Now this much penalty for filling ITR
If you too have not filed your income tax return, you can now file your ITR by paying a penalty of Rs 1000. On the other hand, those who have filed their returns before the deadline i.e. by 31 July 2023, many of them are still facing the threat of penalty. The penalty is also not light, but those people may have to pay a penalty of Rs 5000 for negligence.
It will not be complete without these two works
Actually, some other important steps are also involved in the process of filing income tax return, which people take lightly. For example, along with filing income tax, the process of validation and verification is also important. If you leave any of these tasks incomplete, then your income tax return filing will not be complete.
Now get 30 days time
After filing ITR, taxpayers get some time to verify. Earlier its deadline was 120 days, which has now been reduced to one month i.e. 30 days. This means that if you have filed your income tax return on 31 July 2023, you can verify it by 30 August 2023.
Negligence can be heavy
Most of the taxpayers verify the returns along with filling the ITR. At the same time, many people leave the work of verification for later. If you have also postponed the work of verification, then definitely get the verification done before the completion of 30 days of filing the return. If you do not do this, then after the time has passed, you will have to pay a fine of Rs 5000.
This is how to verify in a pinch
Verifying income tax return has now become very easy. You can verify your ITR online in minutes using multiple options like Aadhaar, Bank Account, Demat Account, Net Banking. In these processes OTP comes on your registered mobile number. The verification is completed as soon as it is entered and submitted. If your refund is being made, then without verification you will not get that too.
