Missing ITR verification deadline can cost you Rs 5000 despite filing ITR on time

The Central Board of Direct Taxes, via a notification, reduced the time limit for ITR verification from 120 days earlier to 30 days. The new law is effective from August 1, 2022, and will be applicable to all the ITRs filed on or after August 1, 2022. However, missing the 30-day ITR-filing deadline can cost you Rs 5000. Here's why.

from Tax-Wealth-Economic Times https://ift.tt/kj3Unsq