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4.8 Star User RatingIndividual taxpayers whose taxable income exceeds the basic exemption limit must file an income tax return every financial year. The filing deadline for income tax returns is determined by the due date specified in the Income Tax Act. For most individual taxpayers who are not subject to a tax audit, the due date to file ITR is 31st July.
Filing an income tax return is a crucial process where taxpayers provide comprehensive information regarding their income, deductions, and tax liability for a specific financial year. It is important to file the return accurately and on time to comply with the tax regulations.
Once the income tax return is filed, it is recommended to verify the return. Verification ensures that the information furnished in return is accurate and has been provided with the knowledge and consent of the taxpayer. Verification can be done electronically using methods such as Aadhaar OTP / EVC (using a pre-validated bank / demat account) / Net Banking/bank ATM/ Digital Signature Certificate (DSC) or through manual signature on a physical copy of the return.
Verification is a vital step in the income tax filing process as it confirms the authenticity and correctness of the information provided. It helps establish the taxpayer's accountability for the return and ensures compliance with tax laws and regulations.
Step 1: Visit the ATM machine of your bank. Insert your Debit Card & validate it by entering the PIN.
Step 2: From the services, select the option to generate EVC for ITR filing.
Step 3: You will receive an EVC on your registered mobile number (linked to your bank account) and registered e-mail id.
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Step 4: Now, follow till Step 3 & you’ll come to the screen shown below. Select Option 3. A box will appear, asking for the EVC. Insert the code & click on “Continue and e-verify” button to e verify ITR.
To improve the ease of filing an income tax return and to avoid the physical submission of ITR-V, the income tax department has introduced EVC verification. The ITR EVC Verification can be done through 6 different ways, which are EVC generation using email id and mobile number, EVC generation using an Aadhaar card, EVC generation using net banking, EVC generation using ATM, EVC generation using bank account details and EVC generation using demat account. Hence, to avoid sending ITR-V to CPC, you can now opt for EVC verification of your income tax return.
You can generate your EVC code using many ways, such as through an e-filing website, by Linking your Aadhaar Card with your PAN, through Bank ATM, and Net Banking Facility.
For all income tax returns filed, quoting your Aadhaar number is mandatory, without which the Income Tax department will not process the ITR.
You can check the status of ITR V after 30 days as follows. Log onto the Income Tax Department e-Filing website. Click on ITR Receipt Status. Input your Acknowledgement and mobile number > Enter the 6-digit OTP received on your mobile number entered in Step 3 and click Submit. On successful validation, you will be able to view the ITR status.
An ITR filed but not verified is considered an invalid return. It would mean you have not filed the ITR for a particular assessment year. To complete the ITR filing process,e-verification is required.
The Income Tax Department may also reject the ITR-V either if your signature is missing or the ITR V document is of “poor quality”. Remember, you will receive a notification via email and SMS if your ITR-V is rejected.
