1. Introduction
E-verification of return is important step after you have filed your return. Return filed but not e-verified will be treated as return not filed. You have to e-verify return within 30days of its filing. If return is e-verified after 30 days of its filing the date of verification of return shall be treated as date of filing of return. For Eg: If you have filed return on 15.07.2023 but e-verified on 18.08.2023 then return will be treated as filed on 18.08.2023 i.e. after due date.
2. Consequences of Not-E-verifying Return
- Interest u/s 234F will be charged in which you have to pay penalty of Rs.1000/5000.
- The losses cannot be carried forward because return will be treated as late filing of return.
- Refunds will not processed until return is e-verified.
3. How to E-Verify Return
The return can be e-verified through Aadhar or Net banking or Bank Account Validation or you can send signed copy of Acknowledgement in Address-
Central Processing Centre,
Income Tax Department,
Bengaluru-560500, Karnataka.
In case of physical verification, date of dispatch of Acknowledgement shall be considered for determining the 30 days period.
4. Raising Condonation Request
Income Tax Department is sending e-mails for verification and giving one more opportunity to e-verify return by raising condonation request.
5. Our Conclusion
The Government has reduced date of e-verification of return from 120 days to 30 days to expedite the processing of returns. The number of returns filed for A.Y.2023-24 is around 6.86 Crores out of 6.28 Crores return has been e-verified and 4.63 Crores returns have been processed. It is therefore required for all of us to be pro-active and e-verify the return as soon as possible.
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The above comments do not constitute professional advice. The Author can be reached at contact@financialtreecompany.com or visit our website www.financialtreecompany.com.
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