Taxpayers Alert! Last date to file return will come in a few days, know how to verify ITR online

Income Tax Return: If you have not yet filed ITR. So ITR can be filled by 31 December 2022 with late fee (Bilted ITR).

Income Tax Return File: If you are a job profession or businessman and you have not filed income tax return , then you may get a notice from the Income Tax Department. If you have not yet filed ITR. So ITR can be filled by 31 December 2022 with late fee (Bilted ITR). Under Section 139 (1) of the Income Tax Act, penalty is imposed under Section 234A for not filing ITR by the stipulated time. Billed ITR can be filled till December 31, 2022 with a fine of Rs 5,000. On the other hand, if the total income of the taxpayer is Rs 5 lakh or less, then he will have to pay a fine of Rs 1,000 only. If the income is less than 2.50 lakhs, the return can be filed without penalty.

Revised ITR also till 31 December

If someone has made a mistake while filing ITR, then he can rectify his mistake by filing Revised ITR. The last date for filing both these types of ITR is December 31, 2022 and it is for the financial year 2021-22. If you come under the purview of filing income tax returns, and you do not file ITR by 31 December, then the Income Tax Department can issue you a notice. In such a situation, to avoid trouble, you must file ITR by 31 December.

Even if you do not come under the purview of income tax, you should still file the return. If you file ITR, then you get many benefits from it.

Benefits of income tax return

1. It is necessary to file ITR to claim tax refund. When you file ITR, the Income Tax Department assesses it. If refund is made, it is directly credited to the bank account.
2. Visa authorities of many countries ask for ITR of 3 to 5 years for visa. Through ITR, they check that the person who wants to come to their country, what is his financial status.
3. A certificate is received on filing ITR. Whenever ITR is filed then Form 16 is filled with it, Form 16 is available from where the person is doing the job. In this way, an officially certified document is created, which proves that the person has a fixed annual income of Rs. Getting registered proof of income helps in proving credit card, loan or own credit.
4. ITR is proof of your income. All government and private institutions accept it as income proof. If you file ITR regularly then you can easily get loan from the bank.
5. The ITR receipt is sent to your registered address, which can serve as an address proof. Apart from this, it also acts as an income proof for you.
6. If you want to start your own business then filling ITR is very important. Apart from this, if you want to get a contract for any department, then you will have to show ITR. ITR of the last 5 years has to be given even for taking a contract in a government department.
7. If you want to take an insurance cover (term plan) of one crore rupees, then insurance companies can ask for ITR from you. In fact, they rely only on ITR to know the source of your income and to check its regularity.

How to verify online

• First of all you have to login to www.incometax.gov.in and go to your e-filing account.
• Click on ‘Income Tax Return’ under the ‘e-File’ tab.
• Click on ‘e-verify return’.
• Select the option ‘e-verify using Aadhaar and OTP’.
• Click on ‘I agree to validate my Aadhaar details’ on the window that appears on the screen.
• Click on ‘Generate Aadhaar OTP’ button.
• You will receive an OTP on the registered phone number.
• Enter the OTP received in the box provided and click on ‘Submit’.
• On successful submission, your ITR will be verified.

Do offline verification like this

1. Visit the ITR website and take a print of your ITR verification form.
2. Sign the form and send it to the Centralized Processing Center (CPC), Bengaluru.
3. Once ITR-V is received by CPC, it will be verified.
4. You will receive a mail and text on successful verification.