You are wrong if you have already filed an income tax return and think your work is done. And in this situation, there is a risk of paying Rs 5,000 late fee or penalties. So, this is necessary to complete this work.
Verifying your income tax return is a crucial step after filing. The Income Tax Department will consider a return to have been canceled if the taxpayer did not verify it after filing, indicating that the return is unfiled. The last date for ITR has passed. Thus there will be a penalty if you need to fill it out again.
Why is it necessary to verify your Income Tax Return?
While filling out the ITR, mistakes can happen. Because of this, the Income Tax Department requests that ITRs be completed accurately. By confirming, the Income Tax Department learns that the taxpayer has already gone through it once, reducing the possibility of error.
Any income tax return verified by the taxpayer or another party is only then processed by the Income Tax Department. First, it is processed, and then it is finished. If the taxpayer receives a refund after this, it is given to him.
"You need to verify your income tax return to finish the return filing procedure," the Income Tax Department stated on its e-filing website. An ITR is deemed invalid if verification is not completed within the specified period. Therefore, the quickest and most convenient way to check your ITR is through e-verification.
A total of 5.83 crore income tax returns have been submitted, of which 4.02 crore have been verified as of July 31—the deadline for filing ITR—according to data from the e-filing website. The website states that as of July 31, the Income Tax Department had processed 3.01 crore verified ITRs.
For how many days can you verify?
Within 30 days of completing their income tax returns, taxpayers must now electronically verify or e-verify them. Its previous expiration limit was 120 days. However, the Central Board of Direct Taxes (CBDT) announced in a statement that it had shortened the window for income tax verification to 30 days. According to CBDT, this new regulation is applied from August 1, 2022.
What happens if ITR is not verified?
As was previously stated, an ITR is considered invalid if it is not verified within the allotted period. This indicates that penalties, including a late fee of Rs. 5,000 if the ITR is not confirmed, will be imposed for failure to file an income tax return. Therefore, you will need to request an apology for the delay if you forget to verify it in time.