Pagar Khata -Staff Payroll & Attendance Management
Income tax is a tax imposed by governments on income made by enterprises and persons within their authority. It is critical to verify Income Tax Returns (ITR) after they have been successfully filed. Your tax filing will be regarded as invalid if you fail to verify income tax returns within 120 days. E-verification is currently the most effective method of ITR verification.
The income tax returns (ITR) can now be verified online without visiting the income tax department, thanks to digitalisation. ITR e-verification is not only simple but also helps you save time. You may check your ITR using several different methods. The most modern technique of verification is online, while there are also physical options available offline.
There are 6 ways to verify the tax return, including five E-verify options and one physical/manual method. These are only applicable if you’re filing income tax returns that are not subject to audit.
If you're filing income tax returns that require auditing, you'll need to use a 'Digital Signature Certificate' to verify them.' The Income Tax Department does not begin processing your ITR until it has been verified. When submitting tax returns for e-verification, the Electronic Verification Code is essential.
Here are six ways to generate an Electronic Verification Code (EVC) to verify the ITR
If you use Net banking to access your bank account, you can verify your ITR. It's essential to keep in mind that only a few banks have the facility to e-verify ITR. Also, ensure you aren't already signed in to the e-filing portal before accessing your bank account. In addition, the bank must have your PAN on file.
To use the Net Banking function to verify ITR:
You can e-verify ITR using your bank account, according to the Income Tax Department. This service is also offered to some banks. You need to pre-validate your account to verify your ITR.
Please note that no changes to the mobile number or email address will be permitted without revalidating the bank. If you want to update the information in your bank records, you must go to your local branch.
The same rule applies here too, without revalidating the bank, no changes to the mobile number or email address will be permitted. If you want to update the information in your bank records, you must go to your local branch.
If you are not comfortable with the internet and electronic methods of confirming your ITR, you can transmit a signed copy of ITR-V (Acknowledgement receipt) to the Income Tax Department. Check the points below if you want to verify your taxes manually.
The intimation for receiving the ITR-V is separate from the intimation for processing the tax return. You are not obliged to send ITR-V to the IT department if you have confirmed your ITR using any of the electronic techniques.
The following are some of the reasons why you should verify your ITR.
Also Read: Income Tax Rebate Under Section 87A
ITR verification is a crucial stage in the ITR filing process that must be completed within 120 days of the ITR filing date. As previously mentioned, there are some handy options to e-verify ITR. We hope that this article has helped you decide which kind of e-verification is best for you.
Can I use a Digital Signature Certificate to e-Verify ITR?
Yes, Digital Signature Certificate is one of the e-Verify options. However, soon after filing your ITR, you must e-Verify using a Digital Signature Certificate (DSC). If you selected the e-Verify Later option when filing your Income Tax Returns, you wouldn’t be able to pick DSC as a preferred choice for e-Verify.
What happens once the ITR e-verification process is over?
Check the status of your ITR after re-verifying it. After the evaluation is finished, an intimation will be sent from the IT Department.
Is it required that you e-Verify your tax return?
Verifying your tax return is mandatory. However, E-verifying your tax return is not required as you can verify manually also. However, it is a technique of doing so. You can manually or electronically verify your ITR.
What is EVC?
The term EVC stands for Electronic Verification Code. It's a 10-digit alphanumeric code that's specific for each PAN. For the e-verification of ITRs, EVC is necessary. You can only use a single EVC to authenticate one ITR. As a result, if you make changes to your income tax return, you'll need to generate a new EVC.
What are the different options to e-Verify tax returns?
You can e-Verify your returns using one of the following methods:
Will I be notified if my e-Verification is complete?
Yes, in the case of E-verify, a success message, as well as a Transaction ID, will be presented. An email will be sent to the email address you provided when you registered with the e-Filing portal.
What happens if my ITR Verification is rejected?
If the status of your ITR Verification receipt is rejected, click on the Acknowledgement Number, and the reason for ITR Verification rejection will be displayed. ITR Verification can be rejected for various reasons, such as sending a return for verification beyond 120 days. Or it can be the ITR Verification form being folded or stapled, among others. Except in cases where the 120-day limit has been passed, make sure you fix the error and resend the ITR as soon as possible.
Can my income tax return be e-Verified on my behalf by an Authorized Signatory?
Yes. The Authorized Signatory can use any of the following procedures to e-Verify the return on the assessee's behalf:
My ITR status is listed as "return uploaded" on the Income Tax Department website but not yet processed. What should I do now?
If your return has been uploaded, but it has not yet been confirmed. You must either digitally or manually e-verify your return. In this article, we've mentioned six distinct ways to E-verify and manually verifying. Please read the above article.
How can I tell if the Income Tax Department has received ITR Verification?
Once it is received, you will be informed by text / SMS from the department. You can also check the status of ITR Verification by going to the Income Tax India website and filling in the required information.
Pagar Khata -Staff Payroll & Attendance Management