Did you miss the ITR verification deadline? If so, you might be facing a significant penalty. Filing your Income Tax Return (ITR) is just the first step. Verifying it within the stipulated timeframe is crucial to avoid hefty fines and interest charges. Let’s delve into the details.
What Happens if I Miss the ITR Verification Deadline
The Income Tax Department has very strict rules regarding ITR verification. If you do not verify your return within 30 days of filing, then you will have to pay a penalty. More importantly, the date of ITR verification is treated as the actual date of filing.
How Much Fine Will I Have to Pay
The amount of fine for late verification varies: For people whose income is less than Rs. 5 lakh: A penalty of Rs. 1,000 is applicable.
For people with income over Rs. 5 lakh: You will be charged Rs. 5,000. Additionally, according to Section 234A of the Income Tax Act, you will have to pay an interest of 1% per month on the outstanding tax amount. This is a fact that the longer you delay verification, the more interest charges will get added.
How to Check Your ITR
To verify your ITR, you need to follow a very simple process: Access the Income Tax Portal: Login to your account on the official income tax portal. Locate the “e-Verify Return” Option: Find and click on this option on the homepage. Enter Your Details: Provide your PAN number, select the relevant financial year, and enter your acknowledgement number and registered mobile number.
Enter OTP: Enter the One-Time Password (OTP) sent to your registered mobile number. Click “Submit”: Once you’ve entered the OTP, click on the “Submit” button. Confirm Late Filing If you’re verifying your ITR after the 30-day deadline, click “OK” to acknowledge the late filing.
Key Takeaways
Timely ITR verification is crucial to avoid penalties and interest charges. The date of verification is considered the actual date of filing for income tax purposes. Understand the penalty structure based on your income level. Follow the easy steps outlined above to verify your ITR online without much hassle.
Disclaimer: This article is for general information purposes only and is not a professional tax advisory. For personalized advice, contact a qualified tax professional.
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