If you have filed your income tax return this year and some work is left unfinished, you may still have to pay a penalty. The last date for filing income tax return for the financial year 2021-22 was 31 July 2022 and if you have filed ITR and have not done the verification during this period, then a fine ranging from Rs 1000 to Rs 5000 can be imposed.
The time given for verification of ITR is 30 days from the time of filing. For this reason, it is advised to get the verification done at the earliest, otherwise, your ITR may also get canceled.
This time the Income Tax Department had clearly said that the deadline for ITR would not be extended, after which the last date ended on July 31. At the same time, the date of filing an income tax return with a penalty has been given till December 31, after which you will not be able to file ITR even after paying the penalty. On the other hand, even if you have filed ITR and have not got the verification done, you can be fined.
Why is verification necessary?
You will need to verify your return to provide confirmation of the details you have filled in the return form. By verifying the return, as per the provisions of the Income Tax Act, 1961, you make a declaration that the information provided by you in the return form is correct and complete. On the other hand, ITR will not be completed by the IT department within the stipulated time without verification.
The longer you delay, the longer it will take for the refund to be credited to your bank account. Also, if you do not do the verification on time, your return will not be considered filed. Also if you verify the return after the expiry of the stipulated time, it will be treated as a delayed return, and penalty and charges will be levied.
For returns filed before July 31, 2022, the deadline for verification of ITR is 120 days from the date of filing. However, in a circular dated July 29, 2022, the Central Board of Direct Taxes (CBDT) made it 30 days from the date of filing of returns on or after August 1, 2022. You can verify the return electronically immediately after filing the return. Apart from this, this work can also be done offline.