The deadline for filing Income Tax Returns (ITR) has come and gone, with July 31 being the last date to file without incurring a penalty.
However, it’s crucial to remember that e-verification of your ITR within 30 days of filing is equally essential.
Failing to do so will leave your ITR incomplete, and the Income Tax Department has issued a tweet to remind taxpayers of this obligation.
Official Reminder from the IT Department:
The Income Tax Department has taken to Twitter to emphasize the importance of ITR verification. They tweeted, “Dear taxpayers, remember to verify your ITR within 30 days of filing. Delay in verifying income tax may lead to complications. Don’t delay, verify your ITR today.”
Significance of ITR Verification:
It’s imperative to understand that your ITR is considered complete only after e-verification. This step is also essential for processing any tax refunds you may be eligible for.
If you filed your ITR on July 31, you are required to e-verify it by August 31; failure to do so will result in a fine of Rs 5,000.
The date of your return will be determined by the day you complete your e-verification.
For instance, if you verify your ITR on September 1, your filing date will be considered September 1, and you will incur a late filing penalty of Rs 5,000.
According to officials from the Income Tax Department, a fine of Rs 5,000 may be levied for not verifying your ITR within the stipulated timeframe. However, if your income is below Rs 5 lakh, the penalty reduces to Rs 1,000.
Descript CEO Raghuram Trikutam noted that the ITR filing process has become more straightforward,
with options such as Aadhaar OTP, Net Banking, or a Digital Signature Certificate available for filing.
Don’t risk paying unnecessary fines; ensure you verify your ITR within the designated time frame to stay compliant with income tax regulations.