Avoid penalties: Verify your ITR or face consequences, warns the Income Tax Department!

With only 3 days to verify your Income Tax Return (within 30 days from the last date, i.e., 31-Jul-23), ensure that your verification of the ITR is complete.

Verification of ITR and time period

The due date for filing the Income Tax Return (ITR) for AY 2023–24 was 31-Jul-23. This means the due date for verifying your return is here! Even the Income Tax Department recently tweeted, "Complete the e-filing process today! Remember to verify your ITR within 30 days of filing. Don’t delay, verify your ITR today!"

Have you completed the verification of your ITR?

Highlights:

  • CBDT has reduced the ITR verification time to 30 days from the earlier 120 days.

  • Unverified ITRs can result in invalidity, penalties, and refund delays.

  • The popular method for e-verification is through the Aadhaar OTP.

  • Or you can submit a signed ITR-V to CPC, Bangalore.

Verification of ITR and time period

Starting from 01-Aug-22, the CBDT has shortened the duration for verifying ITRs to 30 days (previously 120 days) from the submission date for online-filed returns.

Why is it necessary to verify the ITR?

E-verification is not just a formality; it's a necessity to validate your ITR filing. Failure to e-verify renders the filing process incomplete and the ITR invalid. This can lead to penalties, such as a late fee of up to Rs 5,000, and additional complications.

Furthermore, this implies that you may not receive your income tax refunds (in the event you are eligible for them). Thus, it is not only necessary to complete the ITR filing prior to the stipulated deadline, but also to ensure you complete its verification.

Also ReadGot An Income Tax Notice? Don't Panic - Here's What You Need To Do

What are the six ways to e-verify your return?

The Income Tax Department offers six convenient digital methods to e-verify your ITR:

  • Aadhaar OTP: Receive a one-time password on your Aadhaar-linked mobile number and use it to verify your ITR.

  • Digital Signature Certificate (DSC): Utilise a digital signature to ensure the authenticity of your ITR.

  • Demat Account: Generate an Electronic Verification Code (EVC) through your pre-validated demat account.

  • Bank Account: Similarly, generate an EVC through your pre-validated bank account.

  • Net Banking: Log in to your net banking portal, navigate to the ITR filing tab, and follow the e-verification process.

  • ATM: Use the offline method of generating EVC through an ATM.

 

What are the alternatives to e-verification?

If these online methods aren't suitable for you, an alternative is available. You can submit a signed physical copy of the ITR-V (acknowledgment receipt) by regular or speed mail to the CPC (Centralised Processing Centre), Income Tax Department, Bengaluru, Karnataka-560500.

Additionally, an authorised representative can e-verify the return on your behalf through the Aadhaar OTP, net banking, or bank/demat account EVC process using your credentials.

Find the latest articles on tax planning here.

Also Read: Strategies To Maximise Tax Refunds: Key Tips For Indian Income Tax Return (ITR)

 Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.

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