You can be fined even if you file your income tax return before deadline

The Central Board of Direct Tax has cut the time limit for electronically verifying the ITRs to 30 days from the previous 120 days w.e.f August 1, 2022. The date when a taxpayer e-verifies the income tax return will be considered the date for filing an ITR.

The deadline to file income tax returns (ITR) ended on July 31. The income tax department said nearly six crore returns were filed till the deadline. You can be fined ₹5,000 for late filing in case you failed to verify your income tax return. Yes, you read it right. If you failed to verify your ITR despite filing it within the deadline, the return will be rejected and lead to a fine. The income tax department on its website says that without verification within the stipulated time, the ITR is treated as invalid, Mint reported. The department said that the applicant can request condonation of delay in verification by giving an appropriate reason. After submission of the request, you can e-verify your return provided the condonation of request has been approved by the income tax authority. In other words, time taken for verifying the ITR after July 31 makes you fall in the penalty category. You should immediately file a condonation request as soon as you notice that your return has not been verified. The Central Board of Direct Tax has cut the time limit for electronically verifying the ITRs to 30 days from the previous 120 days w.e.f August 1, 2022. The date when a taxpayer e-verifies the income tax return will be considered the date for filing an ITR.

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