Income Tax Return: There is very little time left to file your income tax return. You must be busy filing your ITR. But know that not only filing is important but also verifying it is important.
Income Tax Return: The last date for filing Income Tax Return (ITR) is July 31, as the date is nearing, taxpayers are busy gathering the necessary documents. And once you file your tax return, it is important to verify it within 30 days. Recently, the Income Tax Department informed taxpayers that they have to verify their returns within 30 days of filing. According to the Income Tax Act 1961, delay in verification can have adverse consequences.
How to do ITR verification?
The most convenient and hassle-free way to verify income tax returns is to e-verify the return through Aadhaar-OTP, net banking or pre-validated bank account or demat account. If you are not comfortable with online verification, you can also send a copy of ITR-V to the Central Processing Center (CPC) in Bengaluru. However, this is a more time-consuming process.
Methods of doing e-Verification
or 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 Certificate (DSC)
How to get verification information?
After you e-verify your return, a message and a transaction ID will be displayed. An email will also be sent to the email ID registered on the Income Tax e-filing portal.
Late Charges
If 30 days have passed, the date of verification will be considered as the date of filing. Delayed verification will attract late charges under section 234F and other consequences as per CBDT (Central Board of Direct Taxes) Notification No. 2 dated March 31, 2024. The late fee is Rs 1,000 for total income up to Rs 5 lakh and Rs 5,000 for total income above Rs 5 lakh.
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