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There is a big update for Income Tax Return (ITR) filers. Even after filing the ITR (Income Tax Return), one important step remains. We are talking about ITR Verification. Without ITR verification, your income tax return will be considered incomplete. Let us tell you that the last date for filing ITR without penalty was 31 July 2023.
ITR verification within 30 days is mandatory.
As per the notification issued by the CBDT, any person has to do the verification within 30 days of filing the ITR. Last year, CBDT reduced the time limit for verifying ITR from 120 days to 30 days. If a person does not do the verification within the stipulated time limit then he has to pay late fee.
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ITR verification is the last step of income tax return filing. The process will be considered complete only after verification. After this step the person becomes eligible to get ITR refund. Let us tell you that if a person does not do the ITR verification within the stipulated time limit. Then his ITR will be considered cancelled. Also he may have to pay a fine of up to 5000 rupees.
How can one do e-verification? (ITR Verification Process)
E-verification can be done through Aadhaar OTP. Also e-verification can be done through net banking. Or ITR-V copy can also be verified by sending it to Bangalore office.