On August 27, 2023, the Income Tax Department restated the importance of promptly verifying filed income tax returns (ITRs) for those who haven't already, reported News18. It's essential to verify your ITR within 30 days of filing; failure to do so will result in your ITR being rejected. As of now, approximately 6.93 crore ITRs have been filed, with 6.69 crore already successfully verified.
For the assessment year 2023-24, the deadline to submit your ITR was July 31, 2023. Individuals who completed their ITR filing prior to this date can undergo the verification process without incurring any penalties. Nonetheless, neglecting to verify the ITR will result in its rejection, necessitating the submission of a new ITR with a potential late fee of up to ₹5,000.
The Department posted on X (erstwhile Twitter), “Dear Taxpayers, do remember to verify your ITR within 30 days of filing. Delayed verification may lead to levy of late fee in accordance with provisions of the Income Tax Act, 1961. Don’t delay, verify your ITR today!”
Upon filing your ITR, it is imperative to verify it within a 30-day window. This timeframe was modified from 120 days to 30 days in August 2022. Should you submit your ITR today, verification must be completed within 30 days to avoid the rejection of your ITR.
How to verify your ITR?
After filing your ITR, you can resort to the following methods to verify it.
Verification using aadhaar OTP
The initial approach involves e-verification using an aadhaar OTP. To utilize this technique, access your Income Tax e-filing account and proceed to the e-file section. Choose the ITR option and select E-Verify Return. Input the Aadhaar OTP and proceed by clicking “Continue” to finalize the procedure.
Verification using net banking
An alternative choice involves e-verification via net banking. Opt for the “Through Net Banking” alternative and pick your banking institution. You'll be taken to the net banking login page, where your login details should be entered. After logging in, select the verification option for your return, which will lead you to the e-filing portal. Finally, click on the “Verify” button on the relevant ITR form to conclude the procedure.
Verify through demat account
In case you possess a Demat account, you have the choice to proceed with e-verification through this account. An Electronic Verification Code (EVC) will be generated and dispatched to your mobile number and email address. When on the e-verify page, opt for the Demat Account alternative and input the provided EVC. To finalize the procedure, simply click the e-Verify button.
Verification through ATM
An alternative approach for e-verification involves using a bank ATM. Simply insert your ATM card, input your PIN, and choose the “Generate EVC for Income Tax Filing” option. The generated EVC will be dispatched to your registered email and phone number. Proceed to log in to your e-filing account, opt for the “EVC already received” choice, and complete the verification process.
Verification using bank account
In case you possess a pre-validated bank account designated for receiving income tax refunds, you have the option to opt for e-verification through this bank account. Subsequently, an Electronic Verification Code (EVC) will be generated and dispatched to your registered mobile number and email ID. Once received, navigate to the verification page, opt for the bank account verification alternative, input the received EVC, and finalize the process by clicking the “e-Verify” button.
