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penalty on itr

anupama (industrial trainee) (79 Points)

22 December 2018

Dear professionals,
I filed my ITR before due date and due to my sickness was unable to verify it before 120 days, now ITR V is showing invalid.
Am I liable for refile my ITR and/or penalty of 5k, if yes then is there any way to escape from this penalty?

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5 Replies

Sandeep Sharma (Accounts executive) (552 Points)
Replied 22 December 2018

Yes you can file your ITR, just choose revised return option

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Sachin C (Tax Consultant) (107 Points)
Replied 22 December 2018

As per my View going as per the provisions of the Income Tax Act 1961, theoretically the return shall be invalid. But as far my personal experience goes you can even courier the same to CPC Bangalore Address-telling them to condone the delay or just Go to your IT filing Dashboard and click on Worklist tab>Pending for your Action and E-verify the return through your Net Banking Account. The late ITR_V looks like this on the portal and CPC does process the returns.

Thank You,

Sachin C

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VARUN MAHAJAN ADVOCATE (Proprietor) (339 Points)
Replied 23 December 2018

Sachin ji has correct
Adding to this your itr gets invalid when the same is not either sent or e verefied, than you can e verify the same by above mentioned steps. The same will be considered as invalid till the approval of the commissioner of income tax

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