Income Tax Return: Verify Your ITR Soon To Avoid Last Fee Up To Rs 5,000

 

The income tax department on Sunday reiterated that ITR filers need to verify their returns as soon as possible in case they have not done so yet. ITR is required to be verified within 30 days of filing it, failing which will lead to the rejection of your ITR. So far, about 6.93 crore ITRs have been filed, out of which 6.69 crore have already been verified.

The last date to file ITR for AY2023-24 was July 31, 2023. Those who filed their ITR before July 31 can verify it without any fine. However, if they fail to verify the ITR, it will be rejected and a fresh ITR will need to be filed with a late fee of up to Rs 5,000.

Read More: ITR: File ITR Now, Pay Tax Later! How does this government scheme work?

“Dear Taxpayers, Do remember to verify your ITR within 30 days of filing. Delayed verification may lead to levy of late fee in accordance with provisions of the Income-tax Act, 1961,” Income Tax India said in a post on X.

If you have filed your ITR, you have to verify it within 30 days. Earlier, it used to be 120 days, which was changed to 30 days in August 2022. If you file your ITR today, the ITR needs to be verified within 30 days, failing which will reject your ITR.

Read More: Income Tax Refund Delayed? Why You Haven’t Got Your Tax Refund, Check Reasons Here

How To Verify ITR

ITRs can be e-verified here.

Methods To E-Verify Your ITR:

Through Aadhaar OTP: The first method is e-verification through Aadhaar OTP. To use this method, log in to your Income Tax e-filing account and navigate to the e-file tab. Select the option for Income Tax Return and click on E-Verify Return. Enter the Aadhaar OTP and click on Continue to complete the process.

Through Net Banking: Another option is e-verification through Net Banking. Choose the “through net banking” option and select your bank. You will be redirected to the net banking login page where you need to enter your credentials. Once logged in, choose the option to verify your return and you will be directed to the e-filing portal. Click on verify on the respective ITR form to complete the process.

Read More: New Income Tax portal: CBDT launches revamped website of I-T department

Through Demat Account: If you have a Demat account, you can opt for e-verification through it. A generated Electronic Verification Code (EVC) will be sent to your mobile number and email ID. On the e-verify page, select DeMat Account and enter the EVC. Click on the e-verify button to complete the process.

Through ATM: E-verification through the bank ATM is another method. Insert your ATM card, enter your ATM pin, and select the option to generate an EVC for Income Tax Filing. An EVC will be sent to your registered email and phone number. Log in to your e-filing account, select the option that the EVC is already there, and verify it.

Through Bank Account: Finally, if you have a pre-validated bank account for income tax refunds, you can choose e-verification through a bank account. An EVC will be generated and sent to your registered mobile number and email ID. Click on the verify page, select the bank account option, enter the EVC received, and click on the “e-verify” button to complete the process.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more