ITR verification final day 2023: What occurs for those who miss this deadline

The remaining step of revenue tax return(ITR) submitting is essentially the most essential one. After the submitting is completed, the following step is ITR verification. While the final day to file ITR with out penalty ended on July 31, taxpayers have a one-month window to confirm their varieties from the date of submitting it.

“Dear Taxpayers, Do bear in mind to confirm your ITR inside 30 days of submitting. Delayed verification could result in a levy of late charges in accordance with provisions of the Income-tax Act, 1961. Don’t delay, confirm your ITR at the moment!,” the revenue tax division posted on X (former Twitter) on August 29.

Why ITR verification is necessary?

Your ITR will likely be thought to be e-verified after getting completed the e-verification course of. After completion of this step, in case you are eligible, you obtain a refund.

Taxpayers would possibly nonetheless face a effective of ₹5,000 if they’ve didn’t confirm their ITR regardless of submitting them inside the specified timeline, your returns will likely be rejected and therefore will result in a late submitting penalty.

How to confirm ITR?

The electronically filed ITR could be verified by varied means. “In case you may have a digital signature, you should use your digital signature to confirm it. Alternatively, it’s also possible to confirm it by producing OTP by your checking account with a internet banking facility or your demat account. Alternatively, you possibly can confirm ITR utilizing your Aadhaar quantity. You also can confirm it by sending the signed copy of ITR V to the Central Processing Centre located at Bengaluru,” mentioned Mumbai-based tax and funding knowledgeable Balwant Jain.

Meanwhile, the revenue tax division is planning to scale back the common processing time for getting tax refunds, Business Standard reported. The report said that the tax division is mulling over the discount of days to 10 from the present 16 days.

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Updated: 31 Aug 2023, 12:45 PM IST