ITR e-Verification Penalty: ITR e-verification is the process of electronically confirming the submission of your Income Tax Return (ITR) to the Income Tax Department in India. After filing your ITR, you must verify it to complete the process. Notably, the deadline for e-verifying your ITR, which was August 30, has already passed.
If taxpayers filed the ITR within the July 31 deadline date and have not yet completed the e-verification process till now, then they have to pay penalties. Notably, If you miss the 30-day window to e-verify your ITR, the date you eventually verify it will be treated as the filing date.
The ITR e-verification delay can lead to penalties. Hence, the later you verify the more you will have to pay. It is important to remember that without e-verification, your ITR is not considered valid by the Income Tax Department.
ITR e-Verification Penalties-
If you verify your Income Tax Return (ITR) late, Section 234F of the Income Tax Act imposes a late fee. The penalty is Rs 5,000, but if your income is below Rs 5 lakh, the fee is reduced to Rs 1,000.
Moreover, if you have any unpaid tax, an interest of 1 per cent per month will be charged on the outstanding amount under Section 234A. This interest is calculated starting from the original filing deadline of July 31st.
How To Complete The ITR e-Verification Process:
Step 1: Visit the e-filing portal and log in using your credentials
Step 2: On the home page, locate and click on the “e-verify Return” option.
Step 3: On the e-Verify Return page, enter your PAN, select the assessment year, input your mobile number, and enter your ITR acknowledgement number. Click “Continue.”
Step 4: Enter the 6-digit OTP received on your mobile and submit it to proceed.
Step 5: If verifying after 30 days, click “OK,” select a reason for the delay from the dropdown menu, and choose any of the listed e-verification methods to complete the process.