If it is the month of July, then obviously you are preparing to file income tax return. The last date of 31st July is getting closer. After collecting all the documents, once you finally file your income tax return i.e. ITR, then know one thing here that it is very important to verify it within 30 days. If you do not do this in time, then it will cost you later. You will have to pay a penalty. The Income Tax Department informed the taxpayers that according to the Income Tax (IT) Act, 1961, delay in verification can have adverse consequences. Let us know how to verify ITR.
Verify ITR like this
The most convenient and easy way for this is to e-verify the return through Aadhaar-OTP, net banking or already valid bank account / demat account. If you are not comfortable with online verification, you can also send a physical copy of ITR-V to the Central Processing Center (CPC) in Bengaluru. However, this is a more time-consuming process. There are some popular ways to e-verify the return. OTP on the mobile number registered with Aadhaar or EVC generated through your pre-validated bank account or EVC generated through your pre-validated demat account or EVC through ATM (offline method) or Net Banking or Digital Signature.
How to confirm verification is complete
When you e-verify your return, you will see a success message and a transaction ID on your registered mobile number. An email will also be sent to the email ID registered with the Income Tax e-filing portal.
If missed, you will have to pay a penalty
As per the rules of the Income Tax Department, it is worth noting that if 30 days have passed, the date of verification will be considered as the date of filing. Late verification will attract late fees under section 234F. According to a Livemint report, according to CBDT (Central Board of Direct Taxes) Notification No. 2/2024 dated March 31, 2024, other consequences will have to be faced. Let us tell you, the late fee is Rs 1,000 for total income up to Rs 5 lakh and Rs 5,000 for total income above Rs 5 lakh. That is, you will have to pay a fine in this range.
