Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Over 2 crore income tax filers are yet to verify their ITRs

Out of over 5.65 crore income tax returns (ITRs) filed up to 31st August this year, only 3.61 crore ITRs have been verified, according to latest information from the income tax department. This means that over 2 crore income tax filers are yet to verify their ITRs. If the ITRs are not verified, they are treated as invalid returns by the income tax department. Only after the verification of ITRs, the income tax department starts processing it. ITRs can be verified both online and offline. E-verification or online verification helps expedite the processing of tax return and tax refunds, if any.
Refer:https://www.livemint.com/

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