Despite filing ITR on time, you may have to pay a fine of 5000, why? Know how to escape

If the ITR is not verified within the stipulated time, the tax return will be treated as invalid. This means that you will face the same penalty and late fine as is applicable for not filing ITR.

Verify ITR on time, otherwise there will be delay in getting refund

The last date for filing Income Tax Return (ITR) has passed last month. In this process till the last date more than 5 crore taxpayers have tax return file is done. After that 120 days have been given to verify the ITR. Those who have filed ITR on or after August 1, will have to verify ITR within 30 days. The work of verification is more important than filling the ITR because if it is not verified on time, then the ITR will be considered invalid and refund money will not be available. Once the taxpayer verifies the ITR, the tax department forwards it for processing.

As mentioned above, the tax return will be treated as invalid if the ITR is not verified within the stipulated time. This means that you will face the same penalty and late fine as is applicable for not filing ITR. Since you did not get your ITR verified on time so that it was declared invalid, then next time you will have to send a request to the tax department. This request is called a Condonation Request. If the tax department accepts the request considering the reasons given in your request as correct, then your ITR will be considered verified.

If the request is rejected, then your ITR will become invalid and you will have to file the return again, then verify it. In this, along with late fee, a fine of up to Rs 5,000 may have to be paid. Therefore, do not delay in verifying ITR and complete this work within the stipulated time. For verification, you can follow the process mentioned below.

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  1. E-verification can be done with the OTP received on the mobile number registered with Aadhaar. For this you have to login to the e-filing portal
  2. If your bank account is already valid then you can e-verify the return by generating EVC
  3. Verification can be done through EVC from ATM in offline mode
  4. If you use net banking, you have to select the Income Tax Return Filing tab and follow the e-verification process
  5. You can also verify the return by using the Digital Signature Certificate

Verify ITR with Aadhaar OTP

  1. Visit the tax filing website and log in to your account. Login by entering your User ID (which is PAN) and Password. After that, click on the tab “My Account” and from the drop down menu, select the option “e-Verify Return”.
  2. Now you will be able to see the list of ITR filed. Here click on the “e-Verification” button.
  3. Out of several options, select option 3 to e-verify ITR using Aadhaar OTP. Next, click on the option to generate Aadhaar OTP and select I already have Aadhaar OTP if you have already received one.
  4. An OTP will be sent to your registered mobile number (along with Aadhaar). This password is valid only for 10 minutes and after that if the ITR is not e-verified then you will have to generate a new OTP. Enter this OTP and click on submit button.
  5. After clicking on the “Submit” button, the ITR will be e-verified and a notification will appear. If you want, you can also check the verification status like this – Dashboard> View Return / Form> Income Tax Return. In this way you can check the status of the return. Here ITR status will be shown as successful e-verification.
  6. Now by clicking on the acknowledgment number, your ITR-V will start downloading. This is an ITR-V acknowledgment form and it is different from the earlier e-verification ITR-V form. There is a line at the bottom here, “DO NOT SEND THIS ACCOLLATION TO CPC, BANGALORE”. This line indicates that your ITR has been e-verified.