ITR filing: Filed income tax returns? Here's how you can still be fined Rs 5,000

The revised guidelines for ITR verification will be in effect as of August 1st, 2022, according to a statement from the Central Board of Direct Taxes that was released on July 29, 2022. After August 1, 2022, ITR filers will only have 30 days for verification. Additionally, those who finished this work by the ITR filing date of July 31 will have 120 days to verify.

Last date for ITR verification: The Income Tax Return (ITR) filing date for the assessment year 2022–23 (AY 22-23) has already passed. According to government statistics, 5.83 crore taxpayers have submitted ITRs as of the deadline, which is July 31. Many of these have had their returns processed and have been issued Income Tax refunds. Processing returns and issuing refunds call for ITR verification.

Only after verification is complete is the income tax return filing process completed. Verify your ITR immediately if you haven't already; failing to do so could result in a large consequence. The procedure of processing ITRs and distributing refunds has been greatly streamlined as a result of the reduced time to validate the reduced Income Tax Department's decision.

Within barely two weeks of submitting their ITRs, the majority of taxpayers have now begun receiving their refunds. After 10 days of filing the return, any taxpayer may now verify the status of a refund using the Income Tax Department's new technology.

It is required to validate it after submitting the ITR, nevertheless. Before, taxpayers had 120 days to check their ITR after filing it; today, they only have 30 days. Required to confirm ITR The revised guidelines for ITR verification would take effect on August 1st, 2022, according to a notification from the Central Board of Direct Taxes on July 29th, 2022.

After August 1, 2022, ITR filers will only have 30 days for verification. Additionally, those who finished this work by the ITR filing date of July 31 will have 120 days to verify. The CBDT also made it clear in the announcement that, in cases where the taxpayer verifies the ITR after the 30-day window has passed, the date of verification will be taken into account as the date the income tax return was furnished.

There will be penalties and other negative effects for filing a return late. This indicates that the taxpayer may be required to pay a fine of up to Rs 5000 in such circumstances. There are two methods for checking the return. The first technique is electronic, and Aadhaar or a bank account can be used for verification.

Sending a signed copy of ITR-V by postal mail is another option for verification. These factors also contribute to refund problems. Even when the ITR has been verified, the income tax refund frequently remains unpaid. A common cause of refund delays is an error in the bank account information.

Your refund could be delayed if you filled out the form incorrectly and submitted your account information. You will need to update the account information on the Income Tax Department website in this case. Additionally, the bank account and PAN card need to be connected. In addition to this, the return is also delayed because some more documents are needed. While processing returns, the Income Tax Department occasionally requires specific documents. Due to unpaid taxes, the refund often becomes stalled.

The Income Tax Department still notifies the taxpayer by sending a notification, even in this circumstance.