The final step of income tax return(ITR) filing is the most crucial one. After the filing is done, the next step is ITR verification. While the last day to file ITR without penalty ended on July 31, taxpayers have a one-month window to verify their forms from the date of filing it.

“Dear Taxpayers, Do remember to verify your ITR within 30 days of filing. Delayed verification may lead to a levy of late fees in accordance with provisions of the Income-tax Act, 1961. Don’t delay, verify your ITR today!,” the income tax department posted on X (former Twitter) on August 29.

Why ITR verification is important?

Your ITR will be regarded as e-verified once you have finished the e-verification process. After completion of this step, if you are eligible, you receive a refund.

ITR verification deadline missed? Be ready to pay a fine

Taxpayers might still face a fine of ₹5,000 if they have failed to verify their ITR despite filing them within the specified timeline, your returns will be rejected and hence will lead to a late filing penalty.

How to verify ITR?

The electronically filed ITR can be verified through various means. “In case you have a digital signature, you can use your digital signature to verify it. Alternatively, you can also verify it by generating OTP through your bank account with a net banking facility or your demat account. Alternatively, you can verify ITR using your Aadhaar number. You can also verify it by sending the signed copy of ITR V to the Central Processing Centre situated at Bengaluru,” said Mumbai-based tax and investment expert Balwant Jain.

Meanwhile, the income tax department is planning to reduce the average processing time for getting tax refunds, Business Standard reported. The report stated that the tax department is mulling over the reduction of days to 10 from the current 16 days.

Source By: livemint

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