July 31, 2023, was the last day to file the Income Tax Returns (ITR) forms for the fiscal year 2022-2023. After the ITR form has been duly filled out, it holds significant importance to confirm its accuracy within 30 days of its completion. Notifications regarding the verification process have already been dispatched by the Income Tax Department to taxpayers ahead of the impending deadline, which is August 31.
If the verification is not completed before the due date, then the ITR form will be considered invalid and you will have to pay a penalty charge. Additionally, this might result in a belated return entailing fines and interest. Conversely, for those who have successfully submitted the ITR form within the stipulated time frame and have their verification completed within 30 days, the submission date will be acknowledged as the actual filing date for the ITR.
However, in scenarios where the e-verification of ITR takes place post the due date, the date of e-verification will then be considered as the date of return submission.
As per the guidelines set forth by the Income Tax authorities, failure to verify the ITR within the stipulated timeline would incur a hefty fee of Rs 5,000. However, if the taxpayer’s income does not surpass Rs 5 lakh, the late fee will be Rs 1,000.
Among the commonly utilised methods, the Aadhaar-based one-time password (OTP) stands out. For this approach, it is imperative that your Aadhaar is linked to your mobile number and PAN card. Numerous banks extend the facility to verify ITR forms via net banking. Upon accessing your account, navigate to the e-verify option within the tax section. Another option is utilising an Electronic Verification Code (EVC) through a pre-validated bank account. The EVC can be generated using an ATM card, although this service is available through a limited selection of banks.
