Consequences In case income tax return is not verified
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Tax return filing reminder! Even if you submitted an Income tax return, you could still face a INR 5,000/- Penalties.
- Verifying your income tax return is a significant stage after filing. The Income Tax Department will consider a return to have been cancelled if the taxpayer did not verify it after filing. You would need to fill out your income tax return again in this case and pay a late fine of Rs 5000.
- The last day to review your pending income tax returns (ITR) from the preceding few assessment years was September 30 2022. If you haven’t completed it despite being given a longer timeline, the I.T. department could penalize you.
- In Delhi. You can stop thinking that your work is finished because you have already filed your income tax return. The work has not yet been finished. And in this situation, you risk paying a Rs 5,000 late fee or penalties. This work must be finished for that reason.
- Verifying your income tax return is an important step after filing. The Income Tax Dept. will consider a return to have been cancelled if the taxpayer did not verify it after filing. Meaning that the Income tax return is not Filed. Because the deadline for filing an income tax return has past, there will be a penalty if you need to fill it out once more.
Does the Income tax Return’s verification necessary it?
- While filing an income tax return, mistakes can happen. Because of this, the Tax Department requests that persons complete their income tax returns accurately. By confirming, the Tax Dept. learns that the taxpayer has already gone through it, hence reducing the possibility of error.
- Any ITR has been verified or verified by the taxpayer or by his behalf by another person is only then processed by the Income Tax Department. It is processed and then it is completed. If the taxpayer receives a return after this, It is finalized after processing.
- Income Tax Dept on its e-filing portal said, “We required to verify our ITR to complete the ITR submitting process. Without verification within the due date, an Income Tax Return is deemed to be invalid. Income tax e-Verification is the most quickest & convenient way to verify our ITR”.
- As per data from the income tax department portal & filling website, In total of 5.83 Cr No of ITR’s have been submitted, out of which 4.02 Cr. ITR were verified till July 31, which was the due date for submitting ITR. As per Govt of India Income tax portal has processed & completed 3.01 Cr verified ITR till July 31 2022.
How many days Income tax taxpayer can able verify?
- Within 30 days of filing their income tax return, income tax taxpayers must electronically or online verify their ITRs (Income Tax Returns). Its earlier expiration date was 120 days. The CBDT announced in a statement that it has shortened the window for income tax verification to 30 days. According to CBDT, this proposed regulation will go into force on August 1, 2022.
Consequences In case income tax return is not verified
- If the income tax return is not verified within the allotted period, it is deemed invalid. This means that if an income tax return is not submitted, penalties will be assessed, including a late cost of INR 5,000/- if the ITR is not verified. You will need to request an apology for the delay and provide a plausible explanation if you forget to verify it in time.