ITR Filing: Not verifying your ITR filing will lead to fine of Rs 5000 despite filing the return on time

You would have heaved a sigh of relief after filing your Income Tax Returns (ITR) before the deadline. But that is not enough. Now, you will have to verify your ITR filing before the last day. Not completing this process would lead to a penalty of up to Rs 5,000.

The Income Tax department had also reduced the time limit to verify the ITR to 30 days from 120 days. In a notification issued on July 29, 2022, the Central Board of Direct Taxes (CBDT) stated that this new rule regarding ITR verification will be effective from August 1, 2022. So, an individual will have to verify, 30 days from the day of return submission.

Also Read: ITR Filing ends today: Consequences of missing the July 31 deadline

In case the verification is not done before the deadline, the date of e-verification/ITR-V submission shall be treated as date of furnishing the return of income. Further, all the consequences of late filing of return under the Income-Tax Act, 1961 will apply including the penal consequences as well.

More than 6.5 crore income tax returns for 2022-23 fiscal have been filed so far. Last year, about 5.83 crore income tax returns were filed till July 31.