New Delhi:
The deadline for filing your Income Tax Return (ITR) is July 31. However, the deadline for e-verifying your ITR is not as strict.
You must verify your return within 30 days of filing it. For returns filed on July 31, this means you have until August 30 to complete the e-verification.
But what happens if you miss this deadline?
Consequences of Late ITR Verification
If you fail to e-verify your ITR within 30 days, you will incur a penalty. The date you finally verify your return will be considered the actual filing date.
The later you verify, the higher the penalty you will face. Essentially, the verification date becomes the new filing date, which affects the penalties and interest you owe.
Penalties for Late Verification
1) Late Fee: Under Section 234F, a late fee of Rs 5000 will be charged for filing ITR late. If your income is less than Rs 5 lakh, the late fee is reduced to Rs 1000.
2) Interest Charges: Under Section 234A, you will also need to pay interest at a rate of 1% per month on the unpaid tax amount for filing ITR late. The longer the delay, the more interest you will accrue.
Methods to E-Verify Your ITR
1) OTP on Aadhaar-Registered Mobile: Receive an OTP on the mobile number registered with your Aadhaar.
2) EVC with Pre-Validated Bank Account: Generate an Electronic Verification Code (EVC) with your pre-validated bank account.
3) EVC with Pre-Validated Demat Account: Generate an EVC with your pre-validated demat account.
4) EVC at ATM: Generate an EVC at an ATM (offline method).
5) Netbanking: Use your netbanking account for e-verification.
6) Digital Signature Certificate (DSC): Use a Digital Signature Certificate for e-verification.
Steps to E-Verify Your ITR
1) Visit the E-Filing Portal: Go to the e-filing portal and log in.
2) Select E-Verify Option: On the home page, click on the ‘e-verify Return’ option.
3) Enter Details: On the e-verify return page, enter your PAN, assessment year, mobile number, and ITR acknowledgment number, then click ‘Continue’.
4) Enter OTP: Enter the 6-digit OTP received on your mobile number and submit.
5) Condonation Delay Request: If verifying after 30 days, click ‘OK’. Enter a condonation delay request and provide the reason for the delay from the dropdown menu.
6) Choose Verification Method: Select one of the e-verification methods mentioned above and complete the process.
