Filing not enough, need to verify ITR too

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The last date for filing income tax returns has passed, and over 6.5 crore taxpayers have filed returns. There are a lot of people who may have filed returns but forget to verify it or they do not have any idea about it. In order to complete the income tax filing return, taxpayer has to verify it.

If you do not verify the return within the stipulated time, your return may be considered invalid ie, the Income Tax Department may consider that you have not filed the return at all. In such a situation, you may have to file the return again.

You have 30 days from the date of filing the return to verify the return or file ITR-V. In these 30 days, the return has to be verified. There are two methods of verification — online i.e. e-verify and offline. There are three options for verification at the time of return filing– eVerify Now, eVerify Later and Verify Via ITR-V. If you have also forgotten to verify after filing the return, then you can e-verify now.

To e-verify the return, one has to login to the e-filing portal of Income Tax. Go to Income Tax return in e-File and select e-Verify Return. If verification is pending, the return will appear in the e-Verify section. On selecting the return, the option for verification will appear. Aadhaar can be verified through OTP, Digital Signature, Bank Account, Net Banking and Demat Account. On selecting Aadhaar OTP, OTP will be sent to the registered number in Aadhaar. If the mobile number is not registered with Aadhaar, verification can be done through bank account, demat account or net banking. However, the bank account or demat account should be pre-validated. Electronic Verification Code (EVC) will be generated after which the return will be verified.

Acknowledgment of return has to be downloaded for offline verification. It has to be signed and sent to the Centralized Processing Center (CPC), Bengaluru.

You can send it by speed post or ordinary post within 30 days. If the 30-day deadline for verification is over, you can go to the Income Tax Department’s website and submit a condonation request, that is, an apology, stating the reason for the delay. If the department accepts your appeal, you can verify the ITR.  If the request is rejected, it will be assumed that you have not filed the return and you will be liable for late filing rules. Suppose you filed the return on 31st July and verified on 22nd August, then the date of return filing will be considered as 31st July but if you verify on 5th September, then September 5 will be considered as ITR filing date… In such case the late fees will be Rs 5,000 if the income is more than Rs 5 lakh.

Whereas if the income is less than 5 lakh, the late fee will be up to Rs 1,000. in case of late filing, you will not be able to carry forward the loss. If there is any tax liability then there will be an interest (i.e. penalty) at the rate of 1% per month. As a belated return, you can file the return till December 31 only. It is possible that your refund is also stuck because you have filed the return but have not verified it. In such a situation, verify the return immediately.  Only then will the return and refund will be processed.