Income Tax Rules: If we look at the date as of 31st July, then the last date to verify ITR is 30th August. A big question here is that what will happen if you do not e-verify your ITR even by 30th August?
ITR Filing: The last date for filing Income Tax Return is 31st July. However, the last date for ITR e-verification is still not over. The return has to be verified within 30 days of filing the income tax return. Now if we look at it as per 31st July, the last date for ITR verification is 30th August. A big question here is that what will happen if you do not e-verify ITR even by 30th August?
What will happen if you verify the return late?
If you do not e-verify your ITR even after 30 days of filing your income tax return, then you will be fined. When you verify your return after 30 days, that day will be considered as the day of filing the return. In this way, the later you verify, the more penalty you will have to pay. The day of verification will be considered as the day of filing the return.
How much will be the penalty?
If you file ITR late, you will have to pay a late fee of Rs 5000 under section 234F. However, if your income is less than Rs 5 lakh, then you will be charged a late fee of Rs 1000. Under section 234A, you will also have to pay interest at the rate of 1 percent per month on the unpaid tax amount on filing ITR late. That is, the more months you delay, the more interest will be charged on you.
ITR is verified in 6 ways
E-verification means online verification. You can e-verify your ITR in many ways.
1- By OTP on mobile number registered with Aadhaar
2- By EVC generated with your pre-validated bank account
3- By EVC generated with your pre-validated demat account
4- By EVC in ATM (offline method)
5- Through Netbanking
6- By DSC i.e. Digital Signature Certificate
How to e-verify ITR?
- First of all go to the e-filing portal and log in. On the home page you will see the option of e-verify Return, click on it.
- On the e-verify return page, enter your PAN, choose the assessment year and enter the mobile number along with the ITR acknowledgment number, then click on Continue.
- Now enter the 6 digit mobile number received on your mobile number and submit it.
- But if you are filing ITR after 30 days of filing, then click on OK.
- You will have to enter a condonation delay request here. And you will have to give the reason for the delay, you can select it from the dropdown menu.
- Now choose any one of the methods of e-verification mentioned above and then e-verify.
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