Almost 15 days have passed since the deadline to file income tax return (ITR) for the financial year 2021-22, and the academic year 2022-23. Around 5.83 crore ITRs have been filed till July 31 which is the deadline for the said examination year. However, there is a chance that even if you have filed your ITR on time, you may still be charged a fine. 5,000. If you have failed to verify your ITR despite filing it within the stipulated time, your return will be rejected and thus lead to late filing penalty.

The tax department has directed taxpayers to always verify their ITR after filing, which is the last step in completing tax returns.

On its website, the Income Tax Department says, “You need to verify your income tax return to complete the return filing process. If there is no verification within the stipulated time, the ITR will be treated as invalid. to verify your ITR.”

The IT department also directed that “if you do not verify on time, your return will be treated as not filed and will attract the consequences of not filing ITR under the Income Tax Act.” Income, 1961.”

According to the department, however, you can request an extension of the delay in verification by providing a valid reason. After submitting such a request, you can check your return ee. However, the refund will be considered valid only after the exemption request has been approved by the competent income tax authority.

Simply put, the time spent in verifying your ITRs after July 31st, will make you fall into the penalty category.

The agency recommends filing a “consolation request as soon as you discover you didn’t verify your return.”

From August 1, 2022, CBDT has reduced the period for e-verification of ITR to 30 days from earlier 120 days. Also, the date a taxpayer validates his ITR — is treated as the date of filing the ITR. However, this e-verification is applicable to taxpayers filing ITR-V form.

On July 29, in a statement, CBDT said, “It has been decided that in respect of electronic transmission of returns on or after the effective date of this Notification, the period for “e-verification or submission of ITR-V shall be within 30 days from the date of submission/entry of data of return of income electronically.” It started on August 1st.

It should be noted that after the due date of 31st July, late fee will be applicable to taxpayers under Section 234F of the IT Act. Under this section, a penalty of 5,000 is levied if the refund is given on or before December 31 of the academic year. As long as there is a penalty 10,000 in other cases. However, if it does not exceed the total income of the person 5 lakh – will not exceed the fee payable under this section 1,000.

Currently, there are seven ITR forms that can be filed, however, these forms vary depending on the category of taxpayers and their income. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7.

You can check your ITR through:

– OTP to mobile number registered with Aadhaar, or

– EVC generated through your pre-verified bank account, or

– EVC generated from your pre-verified Demat account, or

– EVC through ATM (offline method), or

– Net banking, or

– Digital Signature Document (DSC).

To know if your e-verification is successful, you will receive a successful message with your transaction ID. Also, an email will be sent to the email ID you registered with the e-filing portal.

As of August 1, the Finance Ministry said, the trend for filing ITRs by July 31, 2022 (due date for salaried taxpayers and non-taxable audit cases) has increased to over of 72.42 lakh ITR filed in one day i.e. 31 July 2022. Total ITR filed till 31 July 2022 for AY 22-23 is around 5.83 crore.

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