The deadline for filing income tax returns (ITR) for the previous financial year passed on July 31 and many taxpayers have successfully submitted their returns but the process doesn't end there.
The next crucial step is to verify your returns – either through the physical route or preferably online. And, you have to do so within 30 days of having completed the return-filing process online.
Also read: Moneycontrol's definitive guide to filing income tax returns
Why is it important to verify returns?
Verification of your tax returns is a mandatory step in the ITR filing process. It is the taxpayer's declaration that the information provided is accurate.
If the returns are not verified at all, they are deemed invalid. It will be treated as not having filed returns and you could receive a tax notice for non-filing from the income tax department (I-T), besides other penal actions that non-filing attracts.
Since returns are taken up for processing only after verification, any delay will result in delayed credit of tax refunds. If you verify your returns after the expiry of the 30-day window, the date of verification will be treated as the date of return-filing.
Also read: ITR filing mistakes: Common errors to avoid while filing income tax return
How to verify returns
There are two ways to verify your returns - physically or electronically. Physical verification involves sending a signed copy of the ITR-V (verification or acknowledgement) form to the I-T department’s centralised processing centre (CPC) in Bengaluru within 30 days of filing your returns online.
However, in the digital age, e-verification has emerged as a simpler, quicker and more convenient option.
Why e-verification is simpler
E-verification of ITR eliminates the need for sending a physical copy of the ITR-V form to the CPC. It can be done from the comfort of your home or office, saving time and effort. Moreover, the process is instant, and you receive an immediate confirmation from the I-T department.
E-verification options: Which one is most user-friendly?
There are several ways to e-verify your ITR:
Net Banking: This is one of the most commonly used modes for e-verification. Most banks registered with the income tax department offer this facility. You can log in to your bank's portal and select the e-verify option under the tax tab to proceed.
Aadhaar-OTP: This method requires your Aadhaar and mobile number to be linked. An OTP is sent to the registered mobile number, which can be used for verification.
Pre-validated bank account: For this, your bank account needs to be pre-validated on the e-filing portal. The details required include bank name, account number, IFSC code, and mobile number.
ATM: Some banks offer the option to generate an EVC (Electronic Verification Code) through their ATMs.
Among these options, the most user-friendly method depends on the individual's comfort and accessibility. However, Aadhaar-OTP is often considered the simplest and most convenient method. It requires minimal information, and the process is quick.
In a nutshell, verifying your tax returns is a crucial step that should not be overlooked. With the convenience of e-verification, this process has become significantly simpler and more accessible.
Remember, it's not just about filing your returns before the July 31 due date; it's also about verifying them on time. So, if you've filed your returns this year, make sure you verify them, too, within 30 days. In fact, it is best to e-verify the returns as soon as you complete return filing.
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