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With the financial year in full swing, it's time to file your income tax return, but did you know just filing your ITR doesn't count? You have to verify your return via the income tax portal within 120 days to deem it valid. Well, one of the best ways to verify your ITR is via electronic/online method - by using the option to e-verify income tax return.
Though, it depends on how you want to go about it. You can file for verification via offline or online methods; however, digital verification is easy, fast, and convenient. Let's now look at what the new income tax portal is about and how you can e-verify your return.
With the onset of digitalization, income tax returns can be verified via the income tax portal quickly and conveniently. You can e-verify income tax returns with the Electronic Verification Code (EVC), which plays an essential role while submitting tax returns. However, note that it can be considered invalid if you don't file your ITR in 120 days. There are many modes to apply for ITR by EVC, such as net banking, ATM, Aadhar card, etc. Scroll down for more details.
Via the income tax e-filing link provided by the bank, you can easily apply for ITR verification. All you have to do is follow these simple steps:
Login to your net banking account
Click on the E verify income tax return link given by the bank
Follow the steps to e-verify your ITR by following the link, and the return will be e-verified
Another way to e-verify your ITR is via Aadhar card. Here’s how:
Select "I Agree to validate my Aadhar card" and generate Aadhar card OTP
Enter the six digits OTP generated and sent to your registered mobile number and click Validate. Remember, the OTP is valid for only 15 minutes, and you can only enter OTP 3 times.
After clicking on validating, you will get a success message with the transaction id. Please keep the transaction id for future reference.
Another way to verify your ITR is DSC. If you choose to e-verify your ITR via the income tax portal, you will be able to verify immediately. However, if you selected e-verify later, the digital signature certificate option wouldn't work for you.
Apart from Aadhar card, Digital Signature Certificate, net banking, another way to verify your documents electronically is via Bank ATM.
Swipe your ATM card at your bank ATM or any other ATM
Click on the pin for e-filing
You will receive an EVC on your registered mobile number
Login to the income tax portal and select the option to e-verify return using the bank ATM
Enter the EVC received on your mobile phone, and the return will be verified
Another method to e-verify income tax returns via the portal is via validating your DEMAT account number.
Click on the e-verify link.
Select the option to verify via DEMAT account and generate OTP.
EVC will be generated, and you will receive it on your registered mobile number.
Enter the EVC generated on the income tax portal and verify.
Your ITR is now verified.
By now, you would have understood the importance of verifying your return before it is deemed invalid. Hence, there are several ways to choose while verifying your ITR, such as:
However, before the e-verification of your documents on the income tax portal, you should have all the necessary details of your IT return. Whether it is exemptions, documentation, tax and income checks, all the details are required before you e-verify income tax return.
E-verification is the last step to complete your Income-tax return. Rather than indulging in offline verification mode for your return, isn’t it better to opt for a contactless, safe, and easy way to verify your documents with the help of E-verification?
Offline or online ITR filing depends on you, but to ease your documentation, here are the steps to be followed:
Visit the income tax portal
Download the ITR under downloads
Extract the file
Fill in the details of the ITR form
Calculate the Tax and validate the details
Save the file
Login in via your PAN card, password, and the captcha code
Choose the verification option and e-verify income tax return
Submit the ITR
So, while verifying your ITR and thinking about how to e-verify income tax return, make sure you have submitted your Income Tax return for the financial year. Make sure to keep the ITR number readily available for the e-verification process.
The ITR has to be filled by you and not an authorized signatory or representative. However, if you can’t verify your ITR due to unforeseen reasons, you have to sign ITR-V, the acknowledgment receipt, to the income tax department.
An Income tax return (ITR) would be deemed invalid if submitted without verification. Thus, verifying your income tax return application is very important. You can verify your documents in two ways- offline and online.
ITR verification, if not done before the time, can be considered null and void. Hence, during the days of digitalization, there are two best ways to verify your ITR:
Offline verification: Sending your documents by post. However, there are many risks attached to the ITR documents getting lost, delayed.
Online Verification: E verification can be done via numerous portals such as net banking, bank ATM, Accounts, Aadhar OTP, etc. Also, it is free of cost and a less time-intensive process.
Depends on the situation. If you have not filed your Income Tax Return due to a genuine reason or hardship, you can apply for a condonation delay request via the e-filing website of the IT department and wait for the response from the income tax department.
When you are e-verifying your return, you will receive a message displaying your transaction id with a success message. Also, an email will be sent to your registered Id with the transaction id and Digital Signature Certificate.