Verification of Income Tax returns (ITR) is an important step in the tax filing process. It is necessary to verify your ITR after filing it to complete the process of filing your tax returns. In this blog, we will discuss the different methods of verifying your ITR and the importance of doing so.
Why is Verification of ITR Important?
Verification of ITR is important for the following reasons:
- Completing the Tax Filing Process: Filing ITR is not complete until it is verified. If you do not verify your ITR, it will not be considered valid, and you will have to file it again.
- Avoiding Penalties: If you fail to verify your ITR, you may be liable to pay a penalty of up to Rs. 10,000. Therefore, it is important to verify your ITR within the given time frame to avoid penalties.
- Claiming Refunds: If you are eligible for a refund, it will be processed only after your ITR is verified. Therefore, it is important to verify your ITR to claim your refunds.
Methods of Verifying ITR
There are different methods to verify your ITR. Some of the common methods are:
- Aadhaar OTP: If your Aadhaar is linked with your PAN, you can use Aadhaar OTP to verify your ITR. You will receive an OTP on your registered mobile number, which you have to enter on the verification page of the income tax e-filing portal.
- EVC (Electronic Verification Code): You can also generate an EVC to verify your ITR. You can generate an EVC through net banking, bank ATM, or by using the income tax e-filing portal. You have to enter the EVC on the verification page to complete the verification process.
- Sending Signed ITR-V: If you are unable to verify your ITR using Aadhaar OTP or EVC, you can send a signed copy of the ITR-V to the Income Tax Department within 120 days of filing your ITR. You can download the ITR-V from the income tax e-filing portal.
- Digital Signature Certificate: If you have a digital signature certificate, you can use it to verify your ITR. This is a more secure method of verification as it ensures that the ITR has been filed by the actual taxpayer.
Final Conclusion
Verification of ITR is an important step in the tax filing process. It is necessary to verify your ITR to complete the filing process, avoid penalties, and claim refunds. There are different methods of verifying ITR, including Aadhaar OTP, EVC, sending signed ITR-V, and using a digital signature certificate. Choose a method that is convenient for you and complete the verification process within the given time frame.
An income Tax Return (ITR) is an important document that every taxpayer in India needs to file annually with the Income Tax Department. It contains the details of the taxpayer’s income, deductions, and taxes paid during the financial year. Once the ITR is filed, it needs to be verified to complete the tax filing process.
The Income Tax Department provides several options to verify ITR. Let’s take a look at each of these methods in detail.
- Aadhaar OTP Verification: This is the easiest and most convenient method of verifying ITR. If the taxpayer’s Aadhaar is linked to their PAN, they can use Aadhaar OTP to verify their ITR. The OTP is sent to the taxpayer’s registered mobile number, and they need to enter it on the e-filing website to complete the verification process.
- Electronic Verification Code (EVC): Taxpayers can generate an EVC by logging into their net banking account or by using the income tax e-filing website. The EVC can be used to verify the ITR by entering the code on the e-filing website.
- Sending Signed ITR-V: If the taxpayer is unable to verify ITR using Aadhaar OTP or EVC, they can download and print the ITR-V from the e-filing website. The taxpayer needs to sign the ITR-V and send it to the Income Tax Department within 120 days of filing the ITR. The address to which the ITR-V needs to be sent can be found on the e-filing website.
- Digital Signature Certificate (DSC): This is the most secure method of verifying ITR as it ensures that the ITR has been filed by the actual taxpayer. Taxpayers need to purchase a DSC from one of the authorized vendors and register it on the e-filing website. The DSC can then be used to verify the ITR.
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Here are some frequently asked questions (FAQs) about the verification of Income Tax Returns (ITR):
Q: What is the importance of verifying ITR?
A: Verification of ITR is an important step in the tax filing process. If you don’t verify your ITR, it will not be considered valid, and you will have to file it again. Moreover, verifying ITR ensures that you avoid any penalties and claim your refunds on time.
Q: What are the different methods of verifying ITR?
A: The different methods of verifying ITR include Aadhaar OTP verification, Electronic Verification Code (EVC), sending a signed ITR-V, and using a digital signature certificate.
Q: How can I verify ITR using Aadhaar OTP?
A: To verify ITR using Aadhaar OTP, your Aadhaar must be linked to your PAN. You will receive an OTP on your registered mobile number, which you have to enter on the verification page of the income tax e-filing portal.
Q: How can I generate an EVC to verify ITR?
A: You can generate an EVC by logging into your net banking account or by using the income tax e-filing website. You can use the EVC to verify your ITR by entering the code on the e-filing website.
Q: What should I do if I am unable to verify my ITR using Aadhaar OTP or EVC?
A: If you are unable to verify your ITR using Aadhaar OTP or EVC, you can download and print the ITR-V from the e-filing website. You need to sign the ITR-V and send it to the Income Tax Department within 120 days of filing the ITR.
Q: What is a Digital Signature Certificate (DSC), and how can I use it to verify ITR?
A: A Digital Signature Certificate is a secure way of verifying ITR as it ensures that the ITR has been filed by the actual taxpayer. To use a DSC to verify ITR, you need to purchase a DSC from one of the authorized vendors and register it on the e-filing website.
Q: Is it mandatory to verify ITR?
A: Yes, it is mandatory to verify ITR after filing it. If you don’t verify your ITR, it will not be considered valid, and you may be liable to pay a penalty of up to Rs. 10,000.
Q: Can I verify ITR for someone else?
A: No, you cannot verify ITR for someone else unless you are authorized by the taxpayer to do so.
Q: What is the time limit for verifying ITR?
A: The time limit for verifying ITR is 120 days from the date of filing the ITR. It is recommended to verify ITR as soon as possible to avoid any delays or penalties.
Q: What should I do if I don’t receive an OTP for Aadhaar OTP verification?
A: If you don’t receive an OTP for Aadhaar OTP verification, you can request for a new OTP by clicking on the ‘Resend OTP’ button on the verification page. If the problem persists, you can contact the income tax helpline for assistance.
