ITR: Late fee that you have to pay if you fail to verify income tax return before August 31

The last day to file the Income Tax Returns for the financial year 2022-23 has already passed as the due date was July 31, 2023. However, just filing the Income Tax Return is not enough as taxpayers also need to verify their ITR within 30-days of filing the returns. While the Income Tax Department has also started sending alerts to taxpayers reminding them to verify their tax returns before the due date it’s important to verify your ITR by August 31.

If not verified, the ITR will be considered invalid and you may have to pay a penalty. You may also receive a notice from the I-T Department and may need to file a belated return with fines and interests.  

Source : ZEE BUSINESS