As the deadline for filing income tax returns (ITR) approaches on July 31, taxpayers are busy gathering the necessary documents. Once you’ve filed your tax return, it’s crucial to verify it within 30 days. The Income Tax (I-T) Department has recently reminded taxpayers of this requirement, as per the Income Tax (I-T) Act, 1961. Failure to verify on time can lead to late fee charges of up to ₹5,000.
E-Verification: The most convenient and hassle-free method is e-verifying through Aadhaar-OTP, net banking, or a pre-validated bank account or demat account.
Physical Verification: Alternatively, you can send a physical copy of ITR-V to the Central Processing Centre (CPC) in Bengaluru. However, this method is more time-consuming.
After successfully e-verifying your return, a success message and a Transaction ID will be displayed. An email confirmation will also be sent to the email ID registered with the income tax e-filing portal.
If you do not verify your return within 30 days, the date of verification will be considered the date of filing. This delay can result in late fee charges under section 234F and other consequences as per the Central Board of Direct Taxes (CBDT) notification number 2 of 2024 dated March 31, 2024. The late fee is ₹1,000 for a total income up to ₹5 lakh and ₹5,000 for a total income over ₹5 lakh.
To avoid these penalties, ensure you verify your ITR promptly after filing.
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