ITR filing: You can still face fine of ₹5,000 even if income tax return filed on time3 min read 15 Aug 2022, 10:05 PM IST
The Income Tax Department has been guiding taxpayers to always verify their ITRs once filed, which is the final process for the completion of the filing of the returns.
Nearly 15 days have passed since the last due date to file income tax returns (ITR) for the financial year 2021-22, and assessment year 2022-23. About 5.83 crore ITRs have been filed till July 31 which was the deadline for the mentioned assessment year. However, there are chances that even if you have filed your ITR on time, you might still face a fine of ₹5,000. If you have failed to verify your ITR despite filing it within the specified timeline, your returns will be rejected and hence will lead to a late filing penalty.
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