Practically 15 days have handed because the final due date to file revenue tax returns (ITR) for the monetary yr 2021-22, and evaluation yr 2022-23. About 5.83 crore ITRs have been filed until July 31 which was the deadline for the talked about evaluation yr. Nevertheless, there are possibilities that even you probably have filed your ITR on time, you would possibly nonetheless face a superb of ₹5,000. In case you have did not confirm your ITR regardless of submitting it inside the specified timeline, your returns might be rejected and therefore will result in a late submitting penalty.
The Revenue Tax Division has been guiding taxpayers to at all times confirm their ITRs as soon as filed, which is the ultimate course of for the completion of the submitting of the returns.
On its web site, the Revenue Tax Division says, “It’s good to confirm your Revenue Tax Returns to finish the return submitting course of. With out verification inside the stipulated time, an ITR is handled as invalid. e-Verification is probably the most handy and instantaneous method to confirm your ITR.”
The IT division additional has guided that, “if you don’t confirm in time, your return is handled as not filed and it’ll appeal to all the implications of not submitting ITR beneath the Revenue Tax Act, 1961.”
In response to the division, nevertheless, chances are you’ll request condonation of delay in verification by giving an acceptable cause. Solely after submission of such a request, it is possible for you to to e-Confirm your return. Nevertheless, the return might be handled as legitimate solely as soon as the condonation request has been accepted by the competent Revenue Tax Authority.
Merely put, the time taken for verifying your ITRs after July 31, will make you fall beneath the penalty class.
The division suggests submitting “a condonation request as quickly as you discover that you haven’t verified your return.”
From August 1, 2022, the CBDT has decreased the time restrict for electronically verifying ITRs to 30 days from their earlier 120 days. Additionally, the date when a taxpayer will e-verify their ITR — might be thought of because the date for submitting of ITR. Nevertheless, this e-verification is relevant to taxpayers submitting the ITR-V type.
On July 29, in an announcement, CBDT stated, “It has been determined that in respect of any digital transmission of return knowledge on or after the date this Notification comes into impact, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/importing the info of return of revenue electronically.” This has come into impact from August 1.
Notably, after the due date of July 31, a late submitting payment might be relevant to taxpayers beneath part 234F of the IT Act. Beneath this part, a 5,000 penalty is levied if the returns are furnished on or earlier than December thirty first of the evaluation yr. Whereas the penalty might be ₹10,000 in every other case. Nevertheless, if the whole revenue of the particular person doesn’t exceed ₹5 lakh – then the payment payable beneath this part shall not exceed ₹1,000.
At current, there are seven ITR types out there to be filed, nevertheless, these types range relying upon the class of taxpayers and their supply of revenue. These types are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
You’ll be able to e-verify your ITRs by way of:
– OTP on the cellular quantity registered with Aadhaar, or
– EVC generated by way of your pre-validated checking account, or
– EVC generated by way of your pre-validated Demat account, or
– EVC by way of ATM (offline methodology), or
– Internet Banking, or
– Digital Signature Certificates (DSC).
To know in case your e-verification is accomplished, you’ll obtain successful message alongside along with your transaction ID. Additionally, an e mail might be despatched to your registered e mail ID with the e-filing portal.
On August 1, the Finance Ministry stated, that the surge of submitting ITRs peaked on thirty first July 2022 (due date for salaried taxpayers and different non-tax audit circumstances) with over 72.42 lakh ITRs being filed on a single day i.e on thirty first July 2022. The entire ITRs filed until thirty first July 2022 for AY 22-23 is about 5.83 crore.
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