You can be fined ₹5,000 even for filing income tax returns on time

Income tax The department is guiding the taxpayers to always verify their ITR once filed, which is the final process of filing returns.

On its website, the Income Tax Department states, “You need to verify your income tax return to complete the return filing process. Without verification within the stipulated time, a ITR considered invalid. E-Verification is the most convenient and quick way to verify your ITR.”

The IT department has further directed that, “If you do not verify on time, your return is not considered filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961.”

According to the department, however, you can request an apology for the delay in verification by giving proper reasons. You will be able to e-verify your return only after submitting such a request. However, the refund will be considered valid only if the condonation request has been approved by the competent Income Tax Authority.

Simply put, the time taken to verify your ITR after July 31 will put you in the penalty category.

The department suggests filing an apology request “as soon as you notice that you have not verified your return.”

With effect from August 1, 2022, the CBDT has reduced the deadline for electronically verifying ITRs to 30 days from their previous 120 days. Also, the date on which a taxpayer e-verifies his ITR – will be considered as the date of filing of ITR. However, this e-verification is applicable to taxpayers who have filed ITR-V form.

On July 29, in a statement, the CBDT said, “It has been decided that in respect of any electronic transmission of return data on or after the date of commencement of this notification, the time for e-verification or submission of ITR shall be Limit-V shall now be 30 days from the date of transmission/uploading of data in the return of income electronically. It has come into effect from 1st August.

Notably, after the due date of July 31, late filing charges will be applicable on taxpayers under section 234F of the IT Act. Under this section, a penalty of Rs 5,000 is levied on furnishing the return on or before 31st December of the assessment year. while the fine will be 10,000 in any other case. However, if the total income of the individual does not exceed 5 lakh – then the fee payable under this section shall not exceed 1,000.

Presently, there are seven ITR forms available for filing, however, these forms differ depending on the category of taxpayers and their source of income. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

You can e-verify your ITR by:

– OTP on the 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 (offline method) through ATM, or

– net banking, or

Digital Signature Certificate (DSC).

You will receive a success message with your transaction ID to know whether your e-Verification is complete. Also, an email will be sent to your registered email ID with the e-filing portal.

On August 1, the Finance Ministry said, the increase in ITR filing occurred on July 31, 2022 (due date for salaried taxpayers and other non-tax audit matters) with over 72.42 lakh ITRs on a single day i.e. July 31, 2022. were filed. .niv The total ITRs filed for 22-23 till 31st July 2022 are around 5.83 crores.

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