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Tax rules are complex and hard to navigate. Here's a guide to a pressing concern: e-verifying your Income Tax Return (ITR). Mark today, August 30th, in your calendar. It is a day of action to avoid penalties and secure your financial future.
Understanding the ITR E-verification Process
For the uninitiated, filing your ITR is just one part of the tax compliance saga. E-verification is your seal of authenticity. It is a digital handshake with the tax department. It says, "Yes, it's really me." But, if you filed your ITR by July 31st and didn't e-verify within 30 days, you could face a financial storm.
Delaying taxes can be costly. Section 234F of the Income Tax Act imposes a Rs 5,000 penalty for late e-verification. If you earn less than Rs 5 lakh, the penalty drops to Rs 1,000. However, it's still a penalty. Additionally, unpaid taxes incur a 1% monthly interest under Section 234A. So, there are few reasons to delay.
Simplifying E-verification
Now, e-verifying your ITR is straightforward with these methods:
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Aadhaar OTP: Get an OTP on your linked phone and enter it.
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EVC via Banks/Demat: Create an EVC through your bank or Demat account, or at an ATM.
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Net Banking: Verify easily through your net banking account.
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Digital Signature Certificate (DSC): Holders can verify their return with a click.
A Step-by-Step Guide to E-verification
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Login to the E-filing Portal: Access the e-filing portal with your login credentials.
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E-verify Click-Through: Find the "e-verify Return" option prominently displayed.
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Details Entry: Safely type in essential information such as your PAN, assessment year, mobile number, and the acknowledgment number from your ITR receipt.
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OTP Entry: Have your mobile handy to punch in the 6-digit OTP.
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Post-30-Days E-verification: If it's been over 30 days, select "OK". Then, state your reason for the delay. Choose your preferred mode of e-verification to finish the process.
What is assessment year and aknowledgment number?
Now, let’s unlock some of the tax jargon. Knowing what 'assessment year' and 'acknowledgment number' mean can help you avoid confusion. The assessment year is the year following the financial year for which you're filing the return. For example, for earnings from April 2023 to March 2024, the assessment year is 2024-2025. The acknowledgment number is your ITR’s unique ID; think of it as a tracking number for your income tax return.
Conclusion
As the deadline approaches, act now. Prioritize avoiding late e-verification fines. A validated ITR ensures you stay in the taxman’s good books. So, verify your ITR today. This keeps fines away and your peace of mind.
