Compiled by: Business desk
Last updated: August 29, 2023, 4:21 PM IST
It is important to verify the ITR form within 30 days of completing it.
If the verification is not completed before the due date, the ITR form will be considered invalid and you will have to pay a penalty.
July 31, 2023 was the last day to file Income Tax (ITR) forms for the 2022-2023 fiscal year. Once the ITR form has been duly completed, it is very important that its accuracy is confirmed within 30 days of completion. Notices regarding the verification process have already been sent to taxpayers by the Income Tax Department before the approaching deadline, which is August 31.
If the verification is not completed before the due date, the ITR form will be considered invalid and you will have to pay a penalty. In addition, this may result in a late return, resulting in penalties and interest. Conversely, for those who have successfully submitted the ITR form within the deadline and completed their verification within 30 days, the filing date will be recognized as the actual filing date for the ITR.
However, in scenarios where ITR’s e-verification occurs after the due date, the e-verification date will be considered as the filing date of the declaration.
As per the guidelines of the income tax authorities, failure to verify the ITR within the stipulated timeline would incur a hefty fee of Rs 5,000. However, if the taxpayer’s income does not exceed Rs 5 lakh, the late fee will be Rs 1,000.
Raghuram Trikutam, CEO of Descrypt, stated, “The e-verification of ITR in India has become a hassle-free process ensuring fast and secure compliance. It includes options such as Aadhaar OTP, Net Banking or Digital Signature Certificate (DSC), and taxpayers can choose the method that suits them best.”
Among the commonly used methods, Aadhaar-based One Time Password (OTP) stands out. This approach requires that your Aadhaar is linked to your mobile number and PAN card. Numerous banks are expanding the ability to verify ITR forms through internet banking. When you access your account, navigate to the e-verification option in the tax section. Another option is to use an electronic verification code (EVC) through a pre-validated bank account. The EVC can be generated using a debit card, although this service is available through a limited number of banks.
