Step for Verify your Income tax return via Using your Demat Account

How to verify your ITR via Using your Demat Account : ITR 2021-22

• Every taxpayer must verify their income tax return at income tax portal within 120 days after filing the ITR 2021-22, otherwise it would be ruled or deemed invalid.
• The Deadline for submitting an income tax return for the Financial Year 2021-22 has been set by income tax dept as 31^st July 2022. The deadline for those who need an Audit is to be completed on 31^st October. The income tax portal must be verified by the taxpayer within 120 days after filling it, otherwise, it could be ruled invalid.

Here is the procedure guide to e-verify your ITR via using your Demant Account.

• The Demat account, also known as a dematerialization account, This is where investors store their electronic form of shares and securities. It is employed in the trading & investing in bonds and equity shares.
  Now, You can e-verify the Income Tax Return for the FY 2021–22 using your Demat account.

Step by Step procedure guidance to e-verify your ITR via using your Demant:

• First: Go to the official income tax e-filing website and select "e-verify return."
• Second: Select "EVC through Demat account" and then select the "Continue."
• Third: You will now get an EVC on your phone along with the registered email address.
• Fourth:  Enter the EVC and select "e-verify" on the screen.
• Fifty: You can now e-verify your ITR.

What comes across if your ITR is not verified?

The ITR is deemed invalid if it is not confirmed within 120 days of filing. If so, it would imply that the ITR for the prior fiscal year (FY) was not submitted.

It may result to below mention fines and penalties.

Interest payable Due:

• If the ITR is not filed, the taxpayer will be required to pay an additional 1% tax on the unpaid tax. It will be determined as of the final ITR filing date, which is July 31, 2022.

Late Fee applicable:

• Late fees applicable of Rs 1,000 or Rs 5,000 shall be payable u/s 234F of Income tax Act

Prosecution:

• The litigant might possibly face charges of a three months to seven years’ jail sentence.

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