Easy Guide to Verifying Your Income Tax Return

When you file your income tax return, the Department of Income Tax receives it but does not immediately begin processing or reviewing it. Processing starts only after the return has been confirmed through a procedure known as ITR verification.

According to new regulations, the deadline for submitting an ITR online for verification is now thirty days from the date of submission, reduced from the previous one hundred and twenty days. This new regulation applies to returns submitted on or after August 1, 2022. Taxpayers who filed their income tax returns by July 31, 2022, can still use the 120-day time frame for e-verification.

To expedite the electronic certification of income tax returns, the Department of Income Tax has developed a new system. This system eliminates the need to log in to the site where you file your income tax return. Previously, taxpayers were required to log in to the electronic filing system to confirm their returns.

Latest Update In ITR Verification

The CBDT department has decreased the time limit for the verification of ITR data that is transmitted electronically from 120 days to 30 days. The 120-day time limit would remain in effect if the return is submitted on or before July 31, 2022. The date of ITR uploading will be considered the date of filing the ITR if ITR verification is concluded within 30 days of the uploading date. Nevertheless, the date of ITR verification will be regarded as the date of ITR filing if it extends beyond 30 days. 

Importance of ITR Verification: 

Methods for e-Verification:

‘E-Verify’ the ITR Without Logging into the E-Filing Portal

You can e-verify your Income Tax Return (ITR) without logging into the e-filing portal using various methods, including:

1. Visit the Income Tax e-filing portal: Go to the homepage of the Income Tax e-filing portal at www.incometaxindiaefiling.gov.in.
2. Click on ‘e-Verify Return’: Click on the ‘e-Verify Return’ option under the quick links on the homepage.
3. Enter PAN, Assessment Year, Acknowledgment Number, and Mobile Number: Enter your Permanent Account Number (PAN), the relevant Assessment Year, the Acknowledgment Number of the ITR filed, and your mobile number.
4. Enter OTP Received on Mobile Number: Enter the 6-digit OTP received on the mobile number entered in Step 3 and click ‘Submit’.
5. Select Return to Verify: Select the return you want to e-verify.

E-Verify ITR using Aadhaar OTP

1. Visit the e-filing portal of the Income Tax Department of India: https://www.incometax.gov.in/IEC/foportal
2. Click on the “e-Verify” tab.
3. Select the “Instant e-Verify using Aadhaar OTP” option.
4. Enter your PAN, Aadhaar number, and the acknowledgment number generated while filing your ITR.
5. Click on “Continue.”
6. An OTP will be sent to your registered mobile number linked to your Aadhaar card.
7. Enter the OTP received and click on “Validate.”
8. Your ITR will be successfully e-verified.

E-Verify ITR using EVC Generated Through Bank Account:

1. Visit the e-filing portal of the Income Tax Department of India: https://www.incometax.gov.in/IEC/foportal
2. Click on the “e-Verify” tab.
3. Select the “Generate EVC through Pre-validated Bank Account” option.
4. Enter your PAN, select your bank from the list of participating banks, and enter your bank account number.
5. Click on “Continue.”
6. A confirmation message will appear. Click on “OK.”
7. Log in to your pre-validated bank account’s net banking or mobile banking platform.
8. Select the “e-Verify Tax Payment” option.
9. Enter your PAN and the acknowledgment number generated while filing your ITR.
10. Click on “Submit.”
11. An EVC will be generated and displayed on your screen.
12. Return to the e-filing portal and enter your PAN, the acknowledgment number, and the EVC generated from your bank.
13. Click on “Submit.”
14. Your ITR will be successfully e-verified.

Offline Income Tax Return – Processes

Verifying your income tax return offline is a process of sending a physical copy of your ITR-V form to the Centralized Processing Center (CPC) of the Income Tax Department. This method is only available for those who cannot verify their ITR electronically.

• Download the ITR-V form from the e-filing portal.
• Print the ITR-V form in blue ink.
• Sign the ITR-V form in blue ink.
• Attach a self-addressed, pre-stamped envelope with the ITR-V form.
• Mail the ITR-V form to the following address: Centralized Processing Center, Income Tax Department, Post Box No. 1, Bangalore – 560001.

Why should you verify ITR?

There are several reasons why you should verify your income tax return (ITR). Here are some of the most important ones:

1. To validate your ITR and ensure that it is complete and accurate. When you verify your ITR, you are essentially signing off on the information that you have provided. This can help to prevent any errors or omissions from being missed.
2. To expedite the processing of your refund. If you are entitled to a refund, verifying your ITR can help to speed up the process of receiving your money. This is because the Income Tax Department will be able to process your refund more quickly once they have confirmation that your ITR is valid.
3. To minimize the risk of an audit. The Income Tax Department is more likely to audit taxpayers who have not verified their ITRs. By verifying your ITR, you can help to reduce the chances of being audited.
4. To comply with the law. It is your legal obligation to verify your ITR within 120 days of filing it. Failure to do so could result in penalties.

Conclusion

Verifying your income tax return (ITR) is a crucial step in assuring the accuracy and completeness of your tax return. Additionally, doing so facilitates the refund processing, reduces the likelihood of an audit, and ensures legal compliance. E-verification via net banking or mobile banking, e-verification via Aadhaar OTP, or mailing a hard copy of your ITR-V form to the Income Tax Department are all viable methods for confirming your ITR. If you’re looking for an ITR service provider, contact us, and our experts will reach you as soon as possible.

Frequently Asked Questions

Which forms are available for filing an income tax return?
In India, various ITR forms are available, including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7, and ITR-V. The appropriate form depends on the taxpayer’s classification and sources of income.

Is filing an income tax return in India required?
For the 2023–24 assessment year, individuals whose total income exceeds ₹2.5 lakh must file an ITR. Even if the income is below the exemption threshold, filing may be required in specific situations.

In India, is it possible to file an income tax return online?
Yes, taxpayers can use the e-filing facility provided by the Income Tax Department to electronically file their ITR, making the process quicker and more convenient.

How can I find out the status of my income tax return in India?
You can check the status of your ITR on the e-filing portal by entering your PAN and acknowledgment number. This will inform you if your return has been processed or if additional steps are needed.

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