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ITR Filing: Big News! ITR filed by July 31, will save loss of up to Rs 5,000, know how much penalty you will have to pay

ITR Filing: If you are a taxpayer and you have not filed ITR yet, then you may be in trouble. You may have to pay a fine of Rs 1,000 to Rs 5,000.

Income Tax Return Deadline 2023: The last date for filing income tax return in the country is near. If you want to avoid penalty, file ITR by July 31, 2023. Keep in mind that sometimes while filing ITR at the last moment, there is a problem in the website. Due to this, taxpayers have to face difficulties. Keep in mind that on filing ITR on August 1, 2023, you may have to pay a penalty ranging from Rs 1,000 to Rs 5,000 depending on your income.

Have to pay penalty

ITR taxpayers of FY 2022-23 and Assessment Year 2023-24 can file even after July 31, but in such a situation they will have to pay penalty. This penalty depends on the income of the taxpayer. According to income tax rules, if your annual income is less than Rs 5 lakh, then you will have to pay a penalty of Rs 1,000 for filing ITR after July 31. On the other hand, if you file ITR on income of more than Rs 5 lakh, you will have to pay a penalty of Rs 5,000.

May be with penalty

It is worth noting that those people who are liable to pay tax are required to file ITR. In case of not doing so, the Income Tax Department can also take legal action against you. For tax evasion, you can be jailed for three months to two years along with income tax notice. It is worth noting that if a taxpayer evades tax of more than Rs 25 lakh, then he can be imprisoned for up to 7 years.

Must do e-verification after filing return

Significantly, after filing ITR on the Income Tax website, it is also necessary to do e-verification. Without e-verification, your ITR cannot be considered complete. For this, the Income Tax Department gives 120 days to taxpayers, in which you can easily do e-verification through your Aadhaar. To do e-verification, first you login to the e-portal of the IT department.

Here you will see the option of e-verify Return, click on it. Next enter the PAN number, assessment year and enter the mobile number. After this enter the 6 number OTP received on your mobile and submit it. If you are doing e-verification within 30 to 120 days of filing ITR, then give the reason behind it. After this your e-verification will be completed. It is worth noting that without e-verification, your ITR filing is not considered complete.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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