Not verifying your income tax returns might have serious consequences

Refunds get blocked, losses aren't carried forward, and you could face a penalty

September 30 was the last date for verifying your pending income-tax returns (ITR) for the past several assessment years. If you have failed do so despite an extension, you could face the heat from the I-T department.

Taxpayers need to meet four stages of compliance. Says Vivek Jalan, partner, Tax Connect Advisory Services: “Pay income tax, prepare and submit an I-T return on the tax filing portal, verify the return, and then get it processed by the I-T department. At times, taxpayers do not verify their returns. This could be an oversight on their part. Overburdened tax professionals don’t ensure their