Easy Guide to Verifying Your Income Tax Return

ITR verification, also known as e-verification, is a process initiated by the Income Tax Department to confirm the authenticity and accuracy of the information provided in an Income Tax Return (ITR). This process ensures that the taxpayer’s identity is validated and the return is accurate, thereby ensuring compliance with the Income Tax Act, 1961.

Importance of ITR Verification:

• Compliance: Filing an ITR is mandatory for taxpayers in India, and verification is a crucial step to ensure compliance with the Income Tax Act, 1961.
• Accuracy: Verification ensures that the information provided in the ITR is accurate and true to the best of the taxpayer’s knowledge.
• Timeliness: The ITR must be verified within 120 days from the date of filing. Failure to do so may result in the ITR being considered invalid or non-filed, leading to penalties and consequences.
• Digital Infrastructure: The e-verification process streamlines the verification process, replacing the traditional method of sending physical copies of the ITR-V to the Centralized Processing Centre (CPC).

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.

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