verify income tax return

Easy Guide to Verifying Your Income Tax Return

Online ITR Verification

Online ITR Verification is a crucial component in the ITR submitting procedure. Failure to comply with this requirement within a period of 30 days from the ITR submission date will result in the income tax department rejecting your return.

By utilizing the “e-verify return” function introduced on the homepage of the income tax department, taxpayers are now able to electronically validate their income tax returns without the need to enter into the e-filing portal. We have described in detail the definition of ITR verification, the methodologies, and the step-by-step process for e-verifying ITR in this guide.

What is ITR Verification?

The income tax department receives your ITR but does not initiate processing (or verification) until you submit it. Processing does not commence until the return has been validated. The term for this procedure is ITR verification.

The new regulation specifies that ITR verification must be completed online within thirty days of ITR submission. This time restriction was previously 120 days. This newly implemented regulation becomes valid for returns submitted on or after August 1, 2022. The deadline for taxpayers who submitted their income tax returns prior to July 31, 2022, to e-verify their ITR, continues to be 120 days.

The Department of Income Tax has implemented a streamlined electronic verification process for income tax returns. You are no longer obligated to log in to your income tax portal under this revised procedure. Previously, in order to e-verify their return, taxpayers were required to check in to the e-filing portal, a process that consumed a considerable amount of time. To learn more, please continue reading:

How to ‘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. Aadhaar OTP: You can use the One Time Password (OTP) generated on your registered mobile number linked to your Aadhaar card to e-verify your ITR.
  2. EVC Generated Through Bank Account: You can generate an Electronic Verification Code (EVC) using your pre-validated bank account linked to your Income Tax PAN.
  3. EVC Generated Through Demat Account: You can generate an EVC using your pre-validated demat account linked to your PAN.
  4. EVC Generated Through Bank ATM: You can generate an EVC using your ATM card at any participating bank.

Here’s a step-by-step guide on how to e-verify your 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.

Here’s a step-by-step guide on how to e-verify your 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.

Here are the steps on how to verify your income tax return offline:

  • 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.

Comments are closed.