Penalty for electronic verification of the ITR: E-verification of ITR is the process of electronically confirming the filing of your Income Tax Return (ITR) with the Income Tax Department of India. After filing your ITR, you need to verify it to complete the process. It is noteworthy that the deadline for e-verification of your ITR, which was August 30, has now passed.
If taxpayers filed ITR within the July 31 deadline and have not yet completed the e-verification process till now, then they are required to pay penalties. Notably, if the 30-day deadline for e-verifying their ITR is missed, the date on which they finally verify it will be considered as the filing date.
Delay in e-verification of ITR may lead to penalties. Therefore, the longer you delay in getting the verification done, the more you will have to pay. It is important to remember that without e-verification, the Income Tax Department will not consider your ITR valid.
Penalties for electronic verification of the ITR
If you verify your Income Tax Return (ITR) late, Section 234F of the Income Tax Act imposes a late fee. The penalty is Rs 5,000, but if your income is less than Rs 500,000, the late fee is reduced to Rs 1,000.
Additionally, if you have any unpaid tax, you will be charged interest at 1 percent per month on the outstanding amount under Section 234A. This interest is calculated from the original filing deadline of July 31.
How to complete the ITR electronic verification process:
Step 1: Visit the e-filing portal and log in with your credentials
Step 2: On the home page, find and click on the “e-verify return” option.
Step 3: On the e-Verify return page, enter your PAN, select the assessment year, enter your mobile number and enter your ITR confirmation number. Click on “Continue”.
Step 4: Enter the 6-digit OTP you received on your mobile and submit it to continue.
Step 5: If you want to verify after 30 days, click “OK,” select a reason for the delay from the drop-down menu, and choose any of the listed electronic verification methods to complete the process.
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