What happens if income tax return is not verified?

What if ITR is not verified within 120 days?

Yes, a taxpayer is supposed to verify the Income Tax Return within 120 days of filing it. … If you fail to submit your ITR-V within 120 days of filing your Income Tax Return, then your Income Tax Return will be considered as null and void or invalid.

What does return submitted and not verified mean?

An ITR filed but not verified is treated as an invalid return by the department. It would mean that you have not filed the ITR for a particular assessment year. … To complete the income tax returns (ITR) filing process, an individual is required to verify it.

Is it mandatory to e verify income tax return?

It is required for e-verification of ITR. Please note that ITR must be verified within 120 days of ITR filing. Moreover, one EVC can be used to verify only one return. Thus if you revise your return, you need to generate another EVC.

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How does Income Tax Department verifies ITR?

ITR verification

The taxpayer has to verify the return by sending the ITR-V (Acknowledgement) after signing it with a blue ink within 120 days from the date of filing the return. ITR-V will be physically sent to the Central Processing Center (CPC).

Can I file return for AY 2020/21 now?

However, for FY 2020-21 onwards, belated return can be filed 3 months before the end of the relevant assessment year or completion of assessment, whichever is earlier. Hence, the last date to file belated return for the FY 2020-21 is 31st December 2021 (extended to 31st March 2022 specifically for FY 2020-21).

Why my ITR status is still successfully e verified?

Successfully e-verified: If the status of your return shows the status as successfully e-verified, it means that you have submitted and duly verified your return. But the ITR has not been processed yet. … Defective: The status of an ITR shows ‘defective’ if it hasn’t been filed in accordance with provisions of the law.

What does it mean return submitted and verified?

If the status is “Return Submitted and Verified”, it means that ITR is yet to be processed. While if the status is “Return Processed”, it means that your ITR has been processed.

What is meant by return submitted and verified?

If the status is shown as ‘submitted and pending for verification’ this means that you have filed the ITR but not verified it. If the status of your return shows ‘successfully verified‘, it means that you have submitted and duly verified your return. But the ITR has not been processed yet.

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Can ie verify after 120 days?

If 120 days from the date you e-filed are not over yet – you can e-verify your tax return by EVC, Aadhaar or Net Banking. If 120 days from the date you e-filed are over – Send your ITR-V – steps here.

What happens if eFiling is not done?

If you file your ITR after the deadline, then a late filing fee will be levied. … The fee payable will increase to Rs 10,000, if the tax return is filed between January 1 and March 31 of the relevant AY. However, if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000.

How can I verify my return in net banking?

Steps to e-verify your ITR

  1. Step 1:Login to e-filing account through the e-filing portal on the IT Department website.
  2. Step 2:In the next page, you can see your dashboard. …
  3. Step 3: Select the option ‘View e-filed returns/forms’ and choose ‘Income Tax Returns’ from the drop-down.
  4. 4: Select the option ‘e-verify’.

Should I verify original and revised return?

Remember, every time you file a revised return, you are required to provide details of your original ITR. Revising your tax return is a chance for you to rectify your mistake, but one should avoid misuse of this facility and ensure to take utmost care while filing the original tax return.

How can I check my tax refund status 2020 21?

Step 1:Visit https://tin.tin.nsdl.com/oltas/refund-status-pan.html.

  1. Step 2: Enter the PAN, assessment year, and captcha.
  2. Step 3: Click on ‘Proceed’ to check the status of the refund.
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How long will it take to process my tax return?

Electronic tax returns are the quickest, normally processed by the ATO within two weeks. Etax expects that most refunds will be out within 10 working days after lodgement of your tax return, but some people will wait a bit longer for the ATO to get it done. Paper returns are much slower, taking 10 weeks.