Filing your income tax return is an important step, but it doesn’t stop there. After filing your return, you must e-verify income tax return to guarantee its accuracy and completeness. In this blog article, we will highlight the importance of e-verification, alternative techniques for e-verifying your returns, and some frequently asked questions about the online ITR verification process.
Purpose of E-Verify Income Tax Return
E-verification is required to electronically authenticate your income tax return and finish the filing procedure. It verifies the authenticity of the return you filed and eliminates the need to physically send the ITR-V (Income Tax Return Verification) to the Centralized Processing Centre (CPC).
Methods for E-Verify Income Tax Return
Aadhaar OTP
If your authorised cell phone is linked to your Aadhaar, you can E-Verify your return using the Aadhaar OTP procedure. To complete the verification process, an OTP (One-Time Password) will be created to your registered phone number, which you must input on the e-filing portal.
Net Banking
If you have an online banking account with any authorized bank, you can log in to your account through the e-filing portal and e-verify your return using the Net Banking method.
EVC (Electronic Verification Code)
The EVC technique allows you to generate a unique code using a different method, including online banking, bank ATM, registered email ID, or registered cellphone number. The EVC can then be entered into the e-filing site to verify the return.
Demat Account
If you have an active demat account, you can use it to e-verify your return. Before selecting this option, the demat account details must be pre-validated on the e-filing portal.
Bank Account
You can e-verify your return using your bank account details, similar to the demat account technique, if the account is operational and pre-validated on the e-filing portal.
Applications of e-Verification
Convenience
E-verification nullifies the need to send ITR-V to the CPC in person, making the process easier and time-saving.
Faster Processing
E-verifying your return speeds up the processing of your income tax return, resulting in faster refunds or assessments.
Reduced Errors
E-verification decreases the probability of errors or conflicts in the verification process, resulting in a more efficient filing experience.
Missing ITR-V Submission
What can I do if CPC does not receive it within the timeframe specified? If you have delivered a physical copy of your ITR-V to the CPC but have received notice that it has not been received within the time frame specified, you can take the following steps:
Verify the delivery information
To confirm delivery to the CPC, check the courier receipt or registered post details. If there is proof of delivery, you can use it as evidence to back up your claim.
Submit a service request
Visit the e-filing portal and submit a service request under the “My Account” section, outlining the circumstance and providing supporting documentation.
Re-send ITR-V
To assure delivery, you may need to resend a physical copy of the ITR-V to the CPC via a reputable and traceable courier service.
Distinction between pre-login and post-login e-verification
Pre-login e-Verification refers to the verification procedure on the e-filing site that can be done without logging in, utilizing methods such as Aadhaar OTP or EVC. Post-login e-Verification, on the other hand, entails entering your credentials into the e-filing portal and confirming the return using means such as Net Banking, Demat Account, or Bank Account.
FAQs (Frequently Asked Questions)
Is it necessary to e-Verify your tax return?
E-verification is not necessary for all taxpayers as of the knowledge cutoff date in September 2021. However, it is strongly advised that you finish the process in order to avoid issues and ensure that your return is processed on time.
Is it possible to e-Verify my return after 120 days?
No, you cannot e-verify your return online if you submitted it more than 120 days ago. You can, however, file a service request on the e-filing portal to resolve any concerns or get advice on the matter.
Why is e-verification required for my tax return?
E-verification is required to electronically validate your return, confirming its authenticity and completion. It eliminates the need to physically deliver the ITR-V, resulting in a more efficient filing process.
Can a Representative Assessee or Authorized Signatory e-Verify on my behalf?
Yes, using the credentials and techniques described above, an authorized signatory or a representative assessee can e-verify the return on your behalf.
How will I know when my e-Verification is done?
When you successfully e-verify your return, you will receive an acknowledgment that the process has been completed. You can also check the status on the e-filing site by going to “My Account” and then clicking on “View e-Filed Returns/Forms.”
When do I need to file/apply for a delay condonation?
If you fail to e-verify your return within the time restriction, you may need to file an application for delay condonation. This is usually the case if you have missed the 120-day window for e-verification.
Can I e-Verify my return if my registered cellphone number is not Aadhaar-enabled?
No, your registered cellphone number must be updated with Aadhaar in order to e-verify your return utilizing the Aadhaar OTP technique. Before attempting to e-verify using this method, ensure that you have updated your cellphone number with Aadhaar.
What are the methods available for e-verification?
EVC is a one-of-a-kind code that can be generated by net banking, bank ATM, registered email ID, or registered mobile number. It is used to authenticate your income tax return electronically, eliminating the need for physical documentation.
What should I do if my ITR-V application is denied?
If your ITR-V is refused, it means that the verification process did not go well. In such circumstances, you must re-verify your return using any of the valid procedures indicated above to confirm that the process is completed.
Can I use a Digital Signature Certificate to e-Verify my ITR?
Yes, you can e-verify your income tax return if you have a Digital Signature Certificate (DSC). The DSC approach adds an extra degree of security and legitimacy to the verification process.
Conclusion
E-verification of your income tax return is a critical step in ensuring the accuracy and completeness of your file. You can easily e-verify your returns for FY 2022-23 (AY 2023-24) by following the processes and criteria outlined above. To ensure compliance with the process, keep up to date with the newest guidelines and instructions supplied by the income tax department.
Need professional assistance, contact us: info@taxvic.com
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