If you exceed the verification deadline and fail to verify the return, you may have to pay a fine of Rs 5,000. The only way to avoid penalty is to fill the belated ITR and pay the penalty amount in it.
ITR verification necessary within the deadline, otherwise fine will have to be paid
do you think that income tax return If all your work has been completed by filling ITR, then it will be a huge mistake. After filing the return, verifying it is as important as filing the return. That too on time. If you do not do this, then you may have to suffer a big loss. This time the verification period has also been reduced. Earlier, verification could be done up to 120 days after filing the return. But now this period has been reduced to 30 days. The new rule of verification has come into effect from August 1. If the verification is not done within 30 days, a fine of Rs 5,000 may be imposed.
However, the rule of 30 days in verification is not applicable for everyone. This rule is only for those who have filed their tax return on or after August 1. Those who have filed returns till July 31, they are getting only 120 days for verification. The new rule says that if you have exceeded the verification deadline and are unable to verify the return, then you may have to pay a fine of Rs 5,000. The only way to avoid penalty is to fill the belated ITR and pay the penalty amount in it.
Keep these 3 rules in mind
If you have filed ITR by 31st July, but failed to verify within 120 days, then you will have to apply for Condonation. It is also called delay request. If the tax department accepts and approves your request, then you will be able to verify the ITR. If the request is not accepted then your ITR will not be considered as heavy. In this case, you will have to fill belated ITR. For this, a late fee of Rs 5,000 will have to be paid and then you will be able to fill the ITR which will have to be verified in the next 30 days.
Even if you have crossed the date of 31st July and are filing belated ITR now, you will still have to pay late fee. However, you are getting 30 days for verification, so you will not have to pay the late fee again if the deadline is exceeded. This is because you are filing the return only by paying late fee in the belated ITR.
If you fall under the category whose returns are to be audited, then the deadline for you is September 30, 2022. If you do not verify this ITR within 30 days, then the date of ITR filing will be considered as the day it is verified. Therefore, if this ITR is not verified on the normal deadline, then when the verification will take place, then the penalty for belated ITR will have to be paid.