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CAUTION! Don’t forget to Verify your ITR

CAUTION! Don’t forget to Verify your ITR

31st August is well in sight now, and you must have been tied up with preparation and filing of the income tax returns. 

However, even if you file an ITR, it is not accepted by the Income Tax Department unless it is verified using the prescribed methods within 120 days from the date of filing. 

There are 6 ways of verifying your income tax return – let’s discuss all of them in detail:

E-verifying through Aadhar OTP

You can e-verify your return by getting a One-Time Password (OTP) on the mobile number linked with your Aadhar Number. If your mobile number is not registered with Aadhar Number, you can’t avail this option. 

For verifying ITR through Aadhar OTP, go to “My Account” after logging-in to the income tax efiling website, click on “E-verify return” and select Aadhar OTP option. 

An SMS containing 6-digit OTP will be sent to your registered mobile number. You can enter the OTP at the requisite place and e-verify your return. 

READ ALSO: TAX FILING FOR FREELANCERS: 9 EASY TIPS

E-verifying through EVC 

Net Banking

Few banks allow you to e-verify the income tax return from within their net banking portal. Here’s a list of banks who allow this option. To avail this facility, your PAN number must be linked with the bank account number.

Before logging-in to the bank’s net banking portal, log out of the income tax efiling website, in case you are logged-in. 

Once you log-in to the net banking portal, you’ll have to locate the “Tax” tab and click “E-verify Return” option. It will redirect you to the Income Tax Efiling Website. 

You can then click on “My Account” tab and select “Generate EVC” option. A 10-digit alphanumeric code will be sent to your email ID and mobile number. 

You can click on the “e-verify return” option under “My Account” tab, select the option “I have EVC already” and enter the code. Click the submit button, and your ITR will be verified. 

Bank account

An ITR can be e-verified using bank account number as well. Here’s a list of banks which provide the facility of e-verifying

For e-verifying your return using bank account number, you have to prevalidate it on income tax efiling website. 

Also, after 1st March 2019, the Income Tax Department has been issuing tax refund only if your bank account (in which you seek refund) is prevalidated on income tax website. 

To prevalidate your account, name and PAN number as per PAN card should match with the name and PAN number attached against the relevant bank account. 

READ ALSO: 5 MUST-HAVE DOCUMENTS IN CASE YOU’VE LOST FORM-16 COPY

If your bank account is prevalidated, you can go to “My Account” tab, click “Generate EVC” and get a code on your mobile number. Thereafter, go to “E-verify return” option, enter the code at relevant place and click submit button to e-verify the return. 

In case you want to prevalidate your bank account number, go to “Profile Settings” option, click “Prevalidate your bank account” option and fill the form. 

Mobile number and email ID mentioned in the form should match the mobile number and email ID linked to the bank account. If all the details are matched, the bank account will be prevalidated. 

Demat Account

Likewise, bank account option, you can e-verify your income tax return using Demat Account, only if it prevalidated on income tax efiling website. 

Adopt the same procedure as mentioned above such as prevalidate the Demat Account number (using Profile Settings), generate an EVC, enter it at relevant place and click submit button to e-verify the return. 

ATM card

At present, 7 banks allow the facility of generating EVC code by swiping ATM card on the ATMs. 

When you swipe your ATM card at an ATM, you will get an option “PIN for income tax filing”. 

An EVC code will be sent to your registered mobile number. You can enter it at the relevant place on the income tax efiling website to e-verify your return. 

Sending ITR-V copy to CPC Bengaluru 

This method requires a taxpayer to send a signed hard copy of ITR-V (Acknowledgement Receipt) to CPC Bengaluru. 

You have to download ITR-V from the e-filing website and sign it in blue ink. It should be sent via ordinary post or speed post (NO COURIER) to ‘CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka, India’. 

You don’t have to send any other supporting document along with ITR-V copy. 

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You can NOW verify ITR without logging-in to the Income Tax E-filing Website

Income Tax Department has provided an option to e-verify ITR without logging-in to the e-filing website for the returns filed for AY 2019-20 and onwards. 

You can e-verify the return by clicking “e-Verify Return” on the home page (www.incometaxindiaefiling.gov.in) under ‘Quick Links’ page. Once you click the button, you will have to enter three details – 

  1. PAN Number
  2. Assessment Year
  3. ITR Acknowledgement Number

You can click the “Continue” option, after which you’ll get the options to e-verify your return using EVC/ Aadhar OTP. 

Bottomline

In a rush to complete the return filing process, taxpayers often forget to e-verify their returns. However, it shouldn’t be ignored since IT Dept accepts an ITR only if it is duly verified. 

Have you filed your returns? Still confused how can you claim IT refund hassle-free? WizCounsel can help you in to find a tax consultant, who will make the process easy, fast and price-efficient for you. 

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