Income Tax News: Last month, income tax was filed by all the taxpayers. The government had fixed the last date for filing ITR as 31st July. In such a situation, the verification has to be done 30 days after the date on which you file ITR. If you have not verified the ITR return yet, then you may have to regret it.
Let us tell you that the last date for filing ITR was 31st July. According to this, ITR has to be verified after 30 days. According to the calculation, you could have verified ITR till yesterday i.e. till 30th August. In such a situation, if you have not verified ITR yet, then you will have to pay a heavy fine. Let’s understand in detail.
Know full details
According to the rules of the Income Tax Department, if you do not do ITR verification after 30 days of filing income tax return, then you have to pay a heavy fine. According to the rule, the day on which you verify your income tax return is considered as the day of filing income tax return. According to this, if you have missed to verify, then you will have to pay a heavy fine.
Know how much fine you will have to pay
If you verify late, then you will have to pay around Rs 5000 as late fee. However, those with income less than Rs 5 lakh will have to pay Rs 1000 as late fee. On the other hand, under Income Tax Section 234A, on filing late ITR, interest will have to be paid at the rate of 1 percent on tax every month. This simply means that the more the delay, the more interest will have to be paid.
Method of verifying ITR
To verify ITR, first you have to go to the portal. After this, on the home page, you have to click on the option of e-verify return. After this, you have to enter the PAN number. Now you have to choose your financial year. After this, you have to enter the acknowledgement number as well as the mobile number. Now you have to click on the continue option.
After this you will reach a new page. In which you have to enter the OTP received on the mobile number and click on the submit button. If you are filing ITR after 30 days then you have to click on OK.