Union Budget 2023 Highlights:
- No taxes up to Rs 7 Lakhs annual income under the new tax regime
- The surcharge rate is reduced from 37% to 25%
- Standard deduction of Rs 52,500 for Rs 15.5 Lakhs or more Income Slabs
- Increase in CAPEX to Rs 10 Lakh crores, 33% higher compared to 2022-23
- Tax hiked on Cigarettes by 16%
- Railways get a big chunk in Budget 2023-24, an allocation of Rs. 2.4 Lakhs crores capital
- One-time Small Savings Scheme, ‘Mahila Samman Savings Certificate’ is introduced to encourage women to start investing; available for only 2 years
- ‘Senior Citizen Saving Scheme’ limit increased from 15 lakhs to 30 Lakhs
- The TDS Rate was reduced to 20% from the current 30% on taxable withdrawal of EPF for people without PAN
- New Income Tax Regime is now the default for taxpayers, while the old regime is optional
What is ITR Verification?
After filing of income tax return every tax filer is required to verify that he/she has himself filed the ITR and not anyone else in order to minimize the chances of false ITR filing. When you file ITR, the income tax department receives your tax return but does not start processing it (or checking). The processing starts only after the return has been verified. This process is called verification of ITR.
The Income Tax Department has introduced a quick way to e-verify income tax return. In this new process, you are not required to login to your income tax portal. All you have to do is go on income tax site home page and on the left hand side you will find E-verify return option. After clicking on it, all you need to do is enter your PAN, acknowledgement number & relevant A.Y. And continue the e-verification process using either Aadhar OTP or EVC.
How to E-verify Income Tax Return?
Income Tax Department provides many ways for a taxpayer to verify their Income Tax Return. That can be broadly classified in two major categories i.e. online and offline.
- Online method commonly known as e-verification has three processes-
- Process 1 : E-verify ITR using Aadhar OTP
- Process 2 : E-verify ITR using DSC
- Process 3 : E-verify ITR using EVC
- Offline process, sending signed ITR V to Bengaluru at CPC office.