ITR Verification Process: Ensuring Ultimate Compliance

ITR Verification Process: CBDT w.e.f from 01/08/2022 has reduced the time limit for ITR Verification from 120 days to 30 days. With this change its clear that GOI is discouraging the practice of sending ITR to Bangalore. There are lots of verification methods for ITR, the most popular is Aadhar OTP. Only those individuals or partners or karta can avail this verification method who has linked Aadhar and also whose contact is not updated in Aadhar Database. Another Method of Verification is through linking bank account numbers of selected banks or by net banking or a Demat account. This means all verification is through an online method only. For Offline verification, only two options are available i.e by sending ITR to Banglore or by going into the ATM of the selected bank.

Sending ITR by post consumes a lot of resources of the Department and in this digital era, GOI wants to discourage the paper method. To avoid genuine hardship to those people who have Aadhar link issue or those who don’t have online banking facilities, the Government allows 30 days time frame.

Different Methods of the ITR Verification Process

E-Verification via Aadhaar OTP: Taxpayers can verify their ITR electronically by generating a One-Time Password (OTP) through Aadhaar authentication. The OTP is sent to the registered mobile number linked with the Aadhaar card.

E-Verification through Net Banking: Some banks provide the option to e-verify the ITR through their net banking portals. Taxpayers can log in to their net banking accounts and navigate to the income tax e-filing section to complete the verification process.

E-Verification using Bank Account EVC: Taxpayers can generate an Electronic Verification Code (EVC) by logging into their Internet banking account and linking it to their PAN. This EVC can be used to verify the ITR on the income tax e-filing portal.

E-Verification via Demat Account EVC: If the taxpayer has a Demat account, they can link it to their PAN and generate an EVC. This EVC can then be used for the e-verification of the ITR.

E-Verification through EVC generated on Income Tax Portal: The income tax e-filing portal provides an option to generate an EVC directly on the portal. The taxpayer can choose the relevant option and follow the instructions to generate the EVC and complete the verification process.

Physical Verification by Sending Signed ITR-V: If the taxpayer chooses not to e-verify the ITR electronically, they can opt for physical verification. In this method, the taxpayer needs to download the ITR-V (Acknowledgment) form, sign it, and send it to the Centralized Processing Center (CPC) within the specified time frame.

It is important to note that the available methods of ITR verification may vary depending on the specific requirements and updates made by the income tax department. Taxpayers are advised to refer to the official income tax e-filing portal and consult with tax professionals for the most up-to-date information and guidance.

What if One Fails to Verify the Return Within a Limited time:

If the ITR is not verified within the required number of days, then the return shall be deemed to be invalid. Accordingly, a new return is to be filed and late fees, interest as well as penalties will be charged.

So it is advisable to be ready with an Aadhar contact update or having a bank account with any of the given major nationalized banks and then only file ITR.

Conclusion

The ITR verification process is a crucial step in the income tax return filing journey. It serves as a means to authenticate the accuracy and legitimacy of the information provided in the return. The ITR verification process provides reassurance to the tax authorities that the taxpayer has diligently complied with their tax obligations.

Completing the ITR verification process is mandatory for all taxpayers, and it can be done through various methods such as electronic verification, physical verification, or using an Aadhaar-based OTP. The choice of verification method depends on the convenience and preference of the taxpayer.

By successfully completing the ITR verification process, taxpayers ensure that their filed returns are considered valid and accepted by the tax authorities. It is important to note that failure to verify the ITR within the stipulated time may render the return as invalid, leading to penalties and potential legal implications.

During the ITR verification process, it is crucial to review the details provided in the return to avoid any discrepancies or errors. Careful attention to accuracy can help prevent any future complications or scrutiny from the tax authorities.

In conclusion, the ITR verification process is a critical step in the income tax return filing process that signifies the completion of the taxpayer’s responsibility. It reinforces transparency, compliance, and trust between taxpayers and the tax authorities. Ensure to adhere to the guidelines provided by the income tax department and make use of the available options to verify your ITR promptly and accurately.

Disclaimer: This is meant purely for general education purpose. While the information is believed to be accurate to the best of my knowledge, I do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Readers should conduct and rely upon their own examination and analysis. This note is not an offer, invitation, advice or solicitation of any kind. I accept no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, howsoever caused or sustained, by the person who relies upon it. This information provided is for an intended recipient for knowledge and guidance purpose only.