Did you file your Income Tax Return (ITR) on time and think that your job is done? Well, it is not over yet. The government of India has made ITR verification mandatory. Once you have filed your ITR, you must also necessarily perform the ITR verification within 120 days of filing the ITR. The tax paid is not valid till the ITR verification is done. This can be either done physically or through different electronic modes with the help of E-Verification Code (EVC).
You can verify your ITR electronically while or after uploading your ITR. However physical ITR Verification has to take place after the ITR has been filed. The Verification form is known as ITR-V (Return Filing Acknowledgement). With the advancement in technology, the ITR verification can be done in a matter of just a few minutes. Here are the details of 7 hassle-free ways in which you can verify your ITR.
1. With an Aadhar based OTP
ITR verification can be done with the Aadhar based One Time Password (OTP). In order to verify ITR in this way your mobile number should be linked to your Aadhar card and should also be registered with the Unique Identification Authority of India (UIDAI). Once you opt for this mode of ITR verification an SMS with the OTP will be sent to the registered mobile number. Enter the OTP that you received in the appropriate box then click the submit button. Once the OTP is successfully submitted the ITR verification process is complete. It has to be noted that Aadhar based ITR verification has to be processed immediately as the OTP is only valid for about 30 minutes. The physical copy of the ITR acknowledgement can be downloaded from your registered email address.
2. E-verification using the net banking portal
The ITR verification can be done in simple steps via net banking. You need to login to your net banking account, Find out whether or not your bank is authorised by the income tax department to deliver the e-verification facilities. The pre-requisite for this ITR verification method is to have validated KYC done beforehand. After logging in to your net banking account, the option to e-verify ITR should be clicked. On clicking, you shall be redirected to the government e-filing website. There you are required to click on ‘my account’ option on the e-filing page, and this will generate the EVC. The code generated will be sent to your registered mobile number as well as to your registered email Id. This is a simple electronic mode for ITR verification.
3. With the government e-filing portal:
The ITR verification can also be done using the government’s e-filing portal www.incometaxindiaefiling.gov.in. This ITR verification mode can be used by those taxpayers who have an annual income of less than Rs 5 Lakhs and should not be claiming any refund of the taxes paid. You can log in to the website and start the method of e-verification. An EVC will be sent to the registered mobile number and email address. With this EVC the e-verification process can be completed. However, this mode of ITR verification is beneficial for only those taxpayers who fulfill the required criteria. If this method fails, then the other methods should be used for successful ITR verification.
4. With the bank ATM
Some of the banks are registered for providing the ITR verification services. Know whether your bank is eligible. Using the bank ATM, for ITR verification is very simple and time-saving process. Swipe the ATM card and select the “PIN for e-filing option” Once you do this an EVC will be sent to your email address and your phone number that has been registered. This can be used to verify the ITR on the government’s e-filing portal. E-verification with the bank’s ATM is beneficial for those people who cannot log in to their net banking account and obtain the EVC.
5. E-verification with a Demat Account
ITR Verification can be done with your Demat Account. Before the process is initiated, the depository details should be submitted to the government’s e-filing portal. You must set your profile by adding details such as email id, mobile number, and your depository name. Your Demat Account should be pre-validated. You can generate EVC by clicking on the “Generate EVC” option and then select “Generate EVC through Demat Account number.” Next, an EVC will be sent to your registered mobile number. The EVC you receive should be entered to finish the ITR verification process. Your registered mobile number and email Id cannot be changed without validating it again with your depository.
6. By using the ITR-V/ acknowledgment receipt:
If you fail to use all the electronic modes of ITR verification, then you must send a signed ITR-V copy to the department. For ITR verification the ITR-V can be sent by ordinary post or the speed post but not by courier.
7. Using the bank account based validation system
The ITR verification can be done by using a pre-validated bank account. For this, the name with the bank account records should match with the PAN card. Once your bank account is validated, you can generate EVC through the “Generate EVC” option under “My Account tab.” The EVC is then sent to the registered mobile number. Under the “My Account tab” select “e-verify” and enter the EVC code received.
ITR verification can be done in many ways as outlined. Select the method that suits you and follows the rules laid down by the Income-tax department for easy ITR verification.