Those filing income tax return after August 1 will get only 30 days for verification

Those filing income tax return after August 1 will get only 30 days for verification

Those filing income tax return on or after 1st August will be penalized, but instead of 120 days for verification of their return, they will have to verify and upload their return within 30 days only, i.e. after filing their return on 1st August, verify their return by 30th August. Debt is necessary. If online verification is not done, it is mandatory to submit the physical copy to CPCC office in Bangalore before 31st August.

E-verification is done after the income tax return is uploaded. In it, a one-time password is sent to the taxpayer’s mobile. As soon as this password is displayed online, e-verification of its return is accepted. Hard copy of return need not be sent by post to CPCC Bangalore after e-verification is done. 120 days time for e-verification is given to those who file returns before 31st July. Taxation expert Pramod Popat says that it has been decided to give only 30 days time for e-verification to those who file returns after 31st July i.e. 1st August.

Taxpayer filing return on or after 1st August Rs. If the value is less than 5 lakhs, in that case it will be Rs. A fine of 1000 has to be paid. Also Rs. If there is a return of more than 5 lakhs, those taxpayers will have to pay Rs. 5000 fine has to be paid.

If e-verification is not done, it is mandatory to take out the hard copy of the return and submit it to Bangalore CPCC by 30th August. Even if the post department makes a mistake in reaching it, the return becomes invalid. After that the taxpayer has to file his return afresh. Also the process of e-verification will have to be done anew.