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ITR Filing 2024: As the deadline for filing income tax returns (ITR) approaches, taxpayers have either submitted or are gearing up to file their ITR. The filing deadline to file the return is July 31. It’s important to understand that submitting the income tax return is not the final step in the process. After submitting your return, it’s crucial to verify it within 30 days. Failure to do so promptly can result in penalties, as per the Income Tax Act, 1961.
How to verify ITR?
The most convenient method is to e-verify your return using Aadhaar-OTP, net banking, or through a pre-validated bank account or demat account. If you prefer not to verify online, you can opt for sending a physical copy of the ITR-V to the Central Processing Center (CPC) in Bengaluru, though this method takes more time.
Some of the common e-verification methods include receiving OTP on your registered mobile number linked with Aadhaar, using EVC generated from a pre-validated bank account or demat account, EVC through ATM (offline method), net banking, or using a digital signature.
How to confirm whether verification is complete?
When you e-verify your return, you will receive a success message along with a transaction ID on your registered mobile number. Additionally, an email will be sent to the email ID registered with the Income Tax e-filing portal to confirm the verification process.
If missed, pay late fine
According to Income Tax Department rules, it’s important to note that if verification is delayed beyond 30 days, the date of verification will be considered as the filing date. Late verification can incur penalties under section 234F. Central Board of Direct Taxes (CBDT) Notification dated March 31, 2024, outlines the consequences for late verification. Specifically, late fees amount to Rs 1,000 for total income up to Rs 5 lakh and Rs 5,000 for total income exceeding Rs 5 lakh.
Also Read: ITR filing 2024: File income tax return online from home | Here’s a step-by-step guide
Also Read: ITR filing 2024: Keep these five things in mind before filing income tax return
