The Late Fee To Pay: If You Fail To e-verify Your Tax Returns Before 31st August
The income tax department has also started to send notifications regarding the verification of tax returns before the deadline which ends the day after tomorrow.
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The Late Fee To Pay: If You Fail To e-verify Your Tax Returns Before 31st August
Filing income tax returns is not enough but verifying them is also. As we know the last date to file an income tax return was 31st July 2023 for the FY 2022-23. However, the due date for e-verifying the tax returns is 31st August 2023 which is just after 1 day.
The income tax department has also started to send notifications regarding the verification of tax returns before the deadline which ends the day after tomorrow.
As of now, you might be aware of the due date for e-verifying your tax returns. But wondering if you could not verify your ITR within the prescribed date then what can be the consequences? Let’s dive into the possible fines and consequences below:
Consequences of Not Verifying Tax Returns
In case any taxpayer fails to e-verify his/her tax returns within the due date, then the ITR will be considered invalid and the taxpayer may also be liable to pay a penalty.
Any failure to verify your tax returns may attract notice from the income tax department and you will have to file belated income tax returns with fines and penalties.
If you do not verify the filed return, it's like the return was not filed at all. This can lead to facing the consequences of late filing. If you do not verify within 120 days, you must explain the delay and request forgiveness. The return is only confirmed when tax authorities approve this request.
What's the fine for not e-verifying your ITR on time?
As per current tax rules, if you miss the verification deadline for your ITR, there's a late fee. It's Rs 5,000 unless your total income is under Rs 5 lakh, in which case it's Rs 1,000.
How do you e-verify your ITR?
You have multiple options: Aadhaar-based OTP, EVC through bank or net banking, Electronic Verification Code (EVC), and Digital Signature Certificate (DSC). Choose the one that works best for you.
Also Read: Have You Not Yet Got Your Tax Refund? Here is What You Can Do
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.