ITR Filling: Nearly 16 days have passed since the last date for filing Income Tax Returns for FY 2021-22 and Assessment Year 2022-23. This time the last deadline for filing income tax returns was July 31.
If, you have filed your return within the deadline and thinking that you are free from all the tension, then it is not so. Even if you file the return within the time limit, you may be fined Rs 5,000. Tax experts say that this penalty can be imposed if you do not verify (verify) your ITR even after filing it within the stipulated time frame. In this case your income tax return will be rejected. You will then be fined for filing late.
Why it is necessary to verify the return
There is a possibility that some mistake may happen while you are filling the ITR. That’s why the Income Tax Department asks people to verify. Verification lets the Income Tax Department know that the taxpayer has gone through his Income Tax Return once again and the scope of error is eliminated.
The Income Tax Department processes the Income Tax Return only after it is verified by the taxpayer. It is finalized after processing. After this, if any refund is made to the taxpayer, then the refund is issued to him. The Income Tax Department has stated on its website that you need to verify your Income Tax Return to complete the return filing process. ITR is not considered valid without verification within the stipulated time.
For how many days can you verify
If you have filed your return by July 31, then you will get 120 days for verification. At the same time, this time limit will be only 30 days for those who file returns after July 31. At the same time, the new rule has come into effect from August 1, 2022. After this, only 30 days will be given to verify the income tax return. That is, from next year onwards, you will have only 30 days to verify the return.
ITR verification can be done in 5 ways
- Through Aadhar OTP
- through demat account
- through bank account
- through netbanking
- Bank through ATM