Nearly 15 days have handed because the final due date to file revenue tax returns (ITR) for the monetary yr 2021-22, and evaluation yr 2022-23. About 5.83 crore ITRs have been filed until July 31 which was the deadline for the talked about evaluation yr. However, there are possibilities that even when you have filed your ITR on time, you would possibly nonetheless face a effective of ₹5,000. If you’ve gotten did not confirm your ITR regardless of submitting it inside the specified timeline, your returns shall be rejected and therefore will result in a late submitting penalty.
The Income Tax Department has been guiding taxpayers to at all times confirm their ITRs as soon as filed, which is the ultimate course of for the completion of the submitting of the returns.
On its web site, the Income Tax Department says, “You need to verify your Income Tax Returns to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid. e-Verification is the most convenient and instant way to verify your ITR.”
The IT division additional has guided that, “if you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961.”
According to the division, nevertheless, you could request condonation of delay in verification by giving an applicable motive. Only after submission of such a request, it is possible for you to to e-Verify your return. However, the return shall be handled as legitimate solely as soon as the condonation request has been authorized by the competent Income Tax Authority.
Simply put, the time taken for verifying your ITRs after July 31, will make you fall below the penalty class.
The division suggests submitting “a condonation request as soon as you notice that you have not verified your return.”
From August 1, 2022, the CBDT has decreased the time restrict for electronically verifying ITRs to 30 days from their earlier 120 days. Also, the date when a taxpayer will e-verify their ITR — shall be thought-about because the date for submitting of ITR. However, this e-verification is relevant to taxpayers submitting the ITR-V kind.
On July 29, in a press release, CBDT stated, “It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return of income electronically.” This has come into impact from August 1.
Notably, after the due date of July 31, a late submitting payment shall be relevant to taxpayers below part 234F of the IT Act. Under this part, a 5,000 penalty is levied if the returns are furnished on or earlier than December thirty first of the evaluation yr. While the penalty shall be ₹10,000 in some other case. However, if the overall revenue of the particular person doesn’t exceed ₹5 lakh – then the payment payable below this part shall not exceed ₹1,000.
At current, there are seven ITR varieties out there to be filed, nevertheless, these varieties fluctuate relying upon the class of taxpayers and their supply of revenue. These varieties are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
You can e-verify your ITRs by:
– OTP on the cellular quantity registered with Aadhaar, or
– EVC generated by your pre-validated checking account, or
– EVC generated by your pre-validated Demat account, or
– EVC by ATM (offline methodology), or
– Net Banking, or
– Digital Signature Certificate (DSC).
To know in case your e-verification is accomplished, you’ll obtain a hit message alongside along with your transaction ID. Also, an e-mail shall be despatched to your registered e-mail ID with the e-filing portal.
On August 1, the Finance Ministry stated, that the surge of submitting ITRs peaked on thirty first July 2022 (due date for salaried taxpayers and different non-tax audit circumstances) with over 72.42 lakh ITRs being filed on a single day i.e on thirty first July 2022. The complete ITRs filed until thirty first July 2022 for AY 22-23 is about 5.83 crore.
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