Skip to main content

Don't forget to verify your income tax return in August: Here's the process

By

 An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through speed post to CPC Bengaluru

 

* Late fee of Rs 1000 or Rs 5000 will be applicable as per Section 234F of the Income Tax Act, 1961.

Verify your tax return to complete your return filing process.

Verification of tax returns for the assessment year 2022-23

 

Within 120 days of the date of e-filing– for the returns filed on or before 31st July 2023.

Within 30 days of the date of e-filing– for the returns filed on or after 1 August 2023.

You may e-verify using Aadhaar OTP or EVC or send your ITR-V (steps here).

 

Why do I need to e-Verify?

You need to verify your Income Tax Returns to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid.

 

What are the different ways in which I can e-Verify my returns?

You can e-Verify your returns online using: OTP on mobile number registered with Aadhaar: For  this PAN should be linked with Aadhaar. EVC generated through your pre-validated bank account, or EVC generated through your pre-validated demat account, or EVC through ATM (offline method): For this ensure PAN is linked with AadhaarPre-validated and EVC-enabled bank / demat account. Net Banking: For this  ensure PAN is linked with your bank account and ensure Net Banking should be enabled for the preferred bank account. Digital Signature Certificate (DSC): For this you should have Valid and active DSC, Emsigner utility installed and running on your PC, Plugged-in DSC USB token in your PC, DSC USB token procured from a Certifying Authority provider  andThe DSC USB token is a Class 2 or Class 3 certificate.

 

Prerequisites for availing this service

Registered user on the e-Filing portal with valid user ID and password. Acknowledgement Number (to e-Verify ITR 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).

 

I have filed my return more than 120 days ago. Can I still verify my returns online?

Yes. You need to submit request for condonation of delay (refer to the Service Request user manual) by providing an appropriate reason for the delay. But the return will be taken as verified only after approval of the condonation request by the Income Tax Department.

 

How will I know that my e-Verification is complete?

In case you are e-Verifying your return: A success message will be displayed along with a Transaction ID

An email will be sent to your email ID registered with the e-Filing portal. In case you are an Authorized Signatory / Representative Assessee: A success message will be displayed along with a Transaction ID

After successful verification, an email confirmation will be sent to the primary email ID of both Authorized Signatory's / Representative Assessee's and your email ID registered with e-Filing portal.

 

My registered mobile number is not updated with Aadhaar, can I still e-Verify my return using Aadhaar OTP?

No. You need to update your mobile number with Aadhaar to e-Verify your return using Aadhaar OTP.

 

My demat account / bank account is inactive, can I e-Verify my return with this account?

No. You need to have an active demat account / bank account which needs to be pre-validated and EVC-enabled on e-Filing portal to e-Verify your return using your demat account / bank account.

 

Will delay in e-Verification attract any penalty?

If you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961. However, you may request condonation of delay in verification by giving appropriate reason. Only after submission of such a request, you will be able to e-Verify your return. However, the return will be treated valid only once the condonation request has been approved by the competent Income Tax Authority.

 

What to do in case ITR-V is rejected?

You can see the reason for rejection on your e-Filing Dashboard. You may send another ITR-V or choose to e-Verify the ITR online.

 

-Business Standard 01st August, 2023.

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more