The income tax department (I-T department) has set the last date for filing the income tax return for the financial year 2021-22 (ITR 2021-22) as July 31, 2022. For the individuals that require an audit, the last date has been fixed as October 31. However, once the ITR is filed, the taxpayer must verify their return within 120 days, or it is deemed invalid.
Here is a guide to e-verify your ITR using the Demat account
The Demat account or the dematerialisation account is the account where the investors hold their shares and securities in electronic form. It is used in the trading of equity shares and bonds.
You can use your Demat account to e-verify the ITR 2021-22.
Here is how:
What happens if you do not verify your ITR?
If the ITR is not verified within 120 days of filing, it is considered invalid. It would mean that the ITR of the previous financial year (FY) has not been filed.
It can lead to a number of penalties and fines:
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