Aadhaar OTP, Electronic Verification: Ways to Verify Your Income Tax Return
The final report on the matter will be sent to the Direct Tax Office by the end of the month, after examining all the documents it collected during the investigation.
Millions of Indians are gearing up to file their income tax returns (ITR) as the deadline for the process approaches. However, the process does not end with the filing of the return. Verification of the ITR is a crucial step that completes the filing process and ensures its acceptance by the Income Tax Department. To ease this procedure, the government has introduced various methods of ITR verification.
E-verification is the most efficient way to meet this requirement. It allows you to verify your tax return electronically, without having to print, sign and physically mail the ITR-V form.
Dheeraj Basantani, associate partner at Forvis Mazars, said, “ITR has to be verified within 30 days from the date of filing of income tax return. If the filed ITR is verified after the 30-day period, in such cases, the date of verification will be considered as the date of filing of return and all consequences of belated filing of return will apply. For example – the date of filing of ITR is 25th July, the date of verification is 30th August. In such case, since ITR is verified after the due date (i.e. 31st July, in case of individuals), the date of filing will be deemed to be 30th August.”
Following are the different ways taxpayers can verify their ITR:
Aadhaar OTP: Taxpayers can use their Aadhaar number to generate a One Time Password (OTP) which will be sent to their registered mobile number. Entering this OTP on the income tax portal will instantly verify the return.
Electronic Verification Code (EVC): You can generate an Electronic Verification Code (EVC) through your pre-validated bank account or demat account. The EVC will be sent to the registered mobile number and email address linked to that account, which you can then use to verify your return electronically.
Net Banking: For those who prefer online banking, this method offers verification through the taxpayer’s bank account. Most major banks in India offer this service, allowing users to log in to their net banking account and verify their ITR with a few clicks.
Digital Signature Certificate (DSC): This method is particularly useful for companies and individuals who need to have their accounts audited. A DSC provides a higher level of security and is mandatory for certain categories of taxpayers.
EVC via ATM (Offline Method): Ensure that the PAN is linked to a pre-validated Aadhaar and EVC compatible bank/debit account.
Physical Verification: For those unfamiliar with digital methods, the traditional route of sending a signed physical copy of ITR-V (confirmation) to the Centralised Processing Centre (CPC) in Bengaluru remains available. However, this process may take up to 30 days for confirmation.
Requirements to use this service:
Registered user on the e-Filing portal with valid user ID and password
Recognition Number (to verify ITR electronically without logging into the e-Filing portal)
You have filed a return or an ERI has filed the return on your behalf (to e-Verify ITR)
“A fee of Rs 5,000 (Rs 1,000 if the total income is not more than INR 5 lakhs) will be levied for not filing the income tax return. Wilful failure to file the income tax return will also result in prosecution ranging from 3 months to 7 years along with fine,” said Kumarmanglam Vijay, Partner, Head of Practice, Direct Tax at JSA Advocates and Solicitors.
First print: Jul 11, 2024 | 1:50 PM IST