How to Verify Income Tax Return for FY 2023-24
Crores of Indians are filing their ITR as the process is due to end soon. However, it does not stop with just filing the return, as common people might think. The process of filing the ITR ended with its verification and acceptance by the Income Tax Department. To make this process easier, the government has provided the following easy methods for ITR verification.
Their opinion is that e-verification is the fastest and easiest way to accomplish this. It enables one to confirm his or her tax return electronically, so there is no need to print, sign, and post the ITR-V form.
ITR must be verified within 30 days from the date of filing the return of income. If the ITR submitted is verified beyond the time limit, the date of verification shall be treated as the date of furnishing the return, and all consequences of late filing of the return shall apply. For eg – the date of filing of the ITR is 25th July, date of verification is 30th August. In such a case, since the verification of ITR is done post-deadline, the date of filing shall be deemed to be 30th August.
Various Ways by which Taxpayers can Verify their ITR
Aadhaar OTP: Only the Aadhaar number is required, out of which a one-time password (OTP) is generated and an SMS is sent to their registered mobile number. If this OTP is entered on the income tax portal, the return gets verified at the same time.
Electronic verification code (EVC): The EVC can be generated using a pre-validated bank account or a Demat account. It will be delivered directly to the registered mobile number and the e-mail address provided in the account, and the same can be used to e-verify the return filed by you.
Net banking: As for the Internet services, using this method, verification is made with reference to the given bank account of the taxpayer. Almost every leading bank in India provides this facility, and through net banking logging, an individual can verify his ITR in no time.
Digital signature certificate (DSC): This method is mainly relevant to traders or business people who need to get their accounts audited. A DSC guarantees a higher degree of protection and is required for some types of taxpayers.
EVC through ATM (offline method): For this, PAN is assumed to be connected to an Aadhaar Pre-validated and EVC-enabled bank or demat account.
Physical verification: In this case, if they are not comfortable using the digital method, they can use the conventional method of sending a signed physical copy of the ITR-V (acknowledgement) to CPC in Bengaluru. Nevertheless, it takes about 30 days to confirm this process.
Prerequisites for using this Service
The client is already a registered user on the e-filing portal and has a valid user ID and password.
Acknowledgement Number (by which one can authenticate ITR for e-verifying without signing into the e-filing website).
You have filed a return, or if any registered ERI have filed the return himself on your behalf (for e-Verify ITR).
“Where a return of income is required to be furnished and the same has not been furnished, a fee of Rs.5,000 is levied therefore and Rs.1,000 in the case where the total income does not exceed INR 5 lakhs. A prosecution of 3 months to 7 years along with a fine in case of willful failure to furnish an income tax return.
