After e-filing your return, you must verify it. Your return filing process is not complete unless you do so. Taxpayers who filed returns but forgot to verify their tax returns are getting the following email from the tax department.
Caution! Your ITR verification is Pending!
If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee.
You can verify with-
Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through speed post to CPC Bengaluru
* Late fee of Rs 1000 or Rs 5000 will be applicable as per Section 234F of the Income Tax Act, 1961.
Here’s what you should do –
The timeline for e-verification of returns filed before 1st August 2022 was 120 days from the date of submitting the return. However, the Central Board of Direct Taxes (CBDT) has reduced it to 30 days for ITRs filed on or after 1st August 2022. The Income Tax Department (ITD) will process your returns only if it is verified either electronically or by sending ITR-V.
Let’s simplify it-
|Returns filed electronically||Time limit to e-verify/send ITR-V to ITD|
|Up to 31st July 2022||120 days from the ITR filing date|
|On or after 1st August 2022||30 days from the ITR filing date|
As per the notification, if the ITR filed is verified (electronically or by sending ITR-V to ITD) before the time limit of 30 days, then the date on which the return was filed will be considered as the date of furnishing ITR.
However, if the ITR filed is verified (electronically or by sending ITR-V to ITD) beyond 30 days, then the date of ITR verification will be treated as the date of furnishing the Income Tax return. The taxpayer will have to bear all the consequences provided in the Income Tax Act for late filing the return.
Here are the consequences if the taxpayers verify the return of FY 2021-22 beyond the time limit:-
|Returns filed electronically||ITR submitted but not verified within||Consequences|
|Up to 31st July 2022||120 days of ITR filing date||No late fee charged|
|On or after 1st August 2022||30 days from the ITR filing date||A late filing fee of up to Rs 5,000/ Rs 1,000 (as applicable)|
Interest at 1% per month or part of the month on outstanding tax as on 1st August 2022, if any (the interest shall be calculated from 1st August 2022 to the date of verification)
Some taxpayers choose to verify the returns offline by sending the ITR-V via speed post to the Income Tax department. The ITR-V must be duly verified in the prescribed form and submitted in the prescribed manner by speed post only to the below address-
Centralised Processing Centre,
Income Tax Department,
Bengaluru – 560500, Karnataka.
In such cases, the date of dispatch of speed post of duly verified ITR-V will be considered for determining the 30 days period, from the date of filing ITR electronically.
The notice said: ‘The speed post dispatch date of the duly verified ITR-V will be taken into account to determine the 30-day period starting from the day the income tax return was electronically transmitted.’
It is to be noted that these rules apply only to the Income Tax returns filed electronically.
You can e-verify your Income Tax return online in a few minutes on the Income Tax e-filing portal. If your Aadhaar is linked to your PAN, you can e-verify by generating Aadhar OTP and verify your return in just two steps. You can avoid the hassles of verifying your ITR physically by speed posting it to the Income Tax department. There are various ways in which you can verify your ITR online. You can select any of the modes of e-verification as mentioned below:
You can refer to the guide How to e-Verify Your Income Tax Return to know the steps for e-verification.