ITR Update: ITR filled before the deadline, still a fine of 5000 may be imposed, know why?

ITR Update: The deadline for filing income tax return for the current assessment year has passed. This time taxpayers have made a record in terms of filing ITR. Till the end of the deadline on 31 July 2023, 6.77 crore ITRs were filed, which is about 1 crore more than last year. Now those who are left to file income tax return will have to pay penalty for filing ITR.

If you have also filed your income tax return If not filled, then you can now fill your ITR by paying a penalty of Rs 1000. On the other hand, those who have filed their returns before the deadline i.e. by 31 July 2023, many of them are still facing the threat of penalty. The penalty is also not light, but those people may have to pay a penalty of Rs 5000 for negligence. Some other important steps are also involved in the process, which people take lightly. For example, along with filing income tax, the process of validation and verification is also important. If you leave any of these tasks incomplete, your income tax return filing will not be complete.

Now you get 30 days time

After filing ITR, taxpayers have to verify Let’s get some time. Earlier its deadline was 120 days, which has now been reduced to one month i.e. 30 days. This means that if you have filed your income tax return on July 31, 2023, you can verify it by August 30, 2023.

Negligence can be heavy

Most Taxpayers verify the returns along with filling the ITR. At the same time, many people leave the work of verification for later. If you have also postponed the verification work for later, then definitely get the verification done before the completion of 30 days of filing the return. If you do not do this, after the time has passed, you will have to pay a fine of Rs 5000.

How to verify in a pinch

Verifying income tax return is now very easy It is done. You can verify your ITR online in minutes using multiple options like Aadhaar, Bank Account, Demat Account, Net Banking. In these processes OTP comes on your registered mobile number. The verification is completed as soon as it is entered and submitted. If your refund is being made, you will not get it without verification.