ITR verification timeline explained: How to e-verify, what happens in case of delay and more
- August 26, 2023
- CA Chandan Agarwal's Office
ITR filing: Without verification, the ITR might not be considered valid or processed by the department. Consequently, taxpayers won’t receive any refunds they might be entitled to.
After filing an income tax return (ITR), next step is verification. While the last day to file ITR without penalty ended on July 31, the process doesn’t end here. Taxpayers get 30-day window to verify ITR from the date of filing it. This means those who filed their ITRs within the deadline, specifically from July 27 to July 31, have a 30-day window to verify their returns.
The Income Tax department has also issued a reminder to taxpayers regarding the verification process. They emphasized that timely verification is essential. The message from the department reads, “Dear Taxpayers, complete your e-filing process today! Do not forget to verify your ITR within 30 days of filing. Delayed verification may lead to a levy of late fees in accordance with the provisions of the Income-tax Act, 1961. Don’t delay, verify your ITR today.”
Notably, more than 6.91 crore returns have been filed till August 23 but only 6.59 crore returns have been verified by taxpayers, the income tax website shows.
What happens if someone misses verifying ITR?
Without verification, the ITR might not be considered valid or processed by the department. Consequently, taxpayers won’t receive any refunds they might be entitled to. This will attract all the consequences of not filing ITR under the Income Tax Act, 1961.
However, taxpayers can request condonation of delay in verification by giving appropriate reason. Only after submission of such a request, they will be able to e-verify their returns. The return will be treated valid only once the condonation request has been approved by the competent income tax authority.
How to verify ITRs?
To make the verification process easy and immediate, e-verification is the most convenient method. The Income Tax Department offers five platforms for ITR verification: net banking, bank ATM, Aadhaar, bank account, and demat account. These platforms ensure a hassle-free and prompt verification process.
Here are the steps to verify ITR using net banking:
Step 1: Log into the net banking account
Step 2: Click on the ‘e-filing’ link provided by the bank
Step 3: Click on the ‘e-File’ tab and select ‘Income Tax Return’ from the drop-down
Step 4: Select the ‘Assessment Year’, ‘ITR For Name’, ‘Submission Mode’ and click ‘Continue’
Step 5: Submit the return
Here are the steps to verify income tax returns using a bank ATM:
Step 1: Swipe ATM card in bank ATM
Step 2: Select ‘PIN for e-Filing’. Electronic Verification Code (EVC) will be received on the registered mobile number
Step 3: Log into the e-filing portal– incometaxindiaefiling.gov.in. Select the option to e-verify return using bank ATM
Step 4: Enter EVC on the e-filing portal. Income tax returns are verified
Here are the steps to verify ITR using an Aadhaar card:
Step 1: Go to the e-filing portal
Step 2: Click on ‘e-File’ tab and select ‘Income Tax Return’ from the drop-down
Step 3: Select the ‘Assessment Year’, ‘ITR For Name’, ‘Submission Mode’ and click ‘Continue’
Step 4: Click “Generate Aadhaar OTP”. OTP will be sent to the mobile number registered with Aadhaar
Step 5: Enter the OTP and click “Submit”
Here are the steps to verify income tax returns using a bank account:
Step 1: Log into the e-filing portal
Step 2: Pre-validate bank account (if not validated)
Step 3: Click on the e-verify link, select the option to e-verify using bank account details and generate OTP
Step 4: EVC is received on the registered mobile number. Enter EVC on the e-filing portal. Income tax returns are verified
Here are the steps to verify income tax returns using demat account:
Step 1: Log into the e-filing portal
Step 2: Pre-validate demat account number
Step 3: Click on e-verify link, select the option to e-verify using demat account details and generate OTP
Step 4: EVC is received on the registered mobile number. Enter EVC on the e-filing portal. Income tax returns are verified
Source: https://www.cnbctv18.com/personal-finance/itr-filing-verification-timeline-itr-how-to-e-verify-online-penalty-default-fees-steps-17634651.htm
