ITR must be verified within 30 days of filing otherwise you will have to pay penalty.

ITR Filing: Only a few days left to file Income Tax Return (ITR Filing). The opportunity to file ITR will end on 31 July 2024 at 12 midnight. After that you will not get chance to file ITR. Filing ITR is not enough. As per income tax rules, after filing ITR, it is necessary to verify it. If this is not done, ITR filers may also be penalized as per the Income Tax Act, 1961. The Income Tax Department has also fixed a day for this. In how many days should ITR be verified? As per the Income Tax Act, when any income tax payer collects all the required documents and files the ITR, the Income Tax Department is given 30 days to verify the same. For this, the Income Tax department has already informed the income tax payers that it is necessary to verify the ITR within 30 days of filing. For this, the Income Tax department also informs the income tax payers through e-mail and SMS. How is ITR verified? After filing ITR, ITR is e-verified through Aadhaar number based OTP, net banking, valid bank account and demat account. If the income tax payer is not comfortable with online verification, he can fill the ITR-V form and send it through the postal department to the Central Processing Center (CPC) of the Income Tax Department at Bangalore by registered post or by speed post and courier. . However, there may be delays in the availability of forms sent by Post Office Registry, Speed ​​Post and Courier. In such a situation, e-verification of ITR is very useful. Income tax payer should verify through mobile number registered with Aadhaar or EVC or EVC generated through your pre-verified demat account or ATM (offline mode) or through net banking or digital signature. What is the penalty for not verifying ITR? As per Income Tax Department rules, if 30 days have passed since filing of ITR, the date of filing of ITR will be considered as the first date of verification. Late check is payable under section 234F of income tax. According to a report by The Mint, CBDT (Central Board of Direct Taxes) Notification No. dated March 31, 2024. As of 2/2024, delay in verification may lead to other consequences. In case of delay in income tax verification, a late penalty of Rs.1,000 will be levied for gross income up to Rs.5 lakh and Rs.5,000 for gross income above Rs.5 lakh. That means a penalty of minimum Rs 1000 and maximum Rs 5000 for delay in ITR verification. Also Read: ITR Refund: How many days after filing ITR will I get refund? The post ITR must be verified within 30 days of filing, otherwise penalty will have to be paid appeared first on Prabhat Khabar.