Filing an income tax return (ITR) is not the end, but a mere beginning of sorts for a number of procedural formalities that follow. For instance, as soon you file the tax return, you are meant to verify the same as well.
In other words, income tax payers must verify their income tax returns to complete the return filing process.
Without verification within the stipulated time, an ITR is treated as invalid. And e-verification is supposed to be an instant way to verify the return.
What is e-verification of income tax return?
This is a convenient way to verify the income tax return digitally following which one does not need to send a physical copy to your ITR-V to CPC, Bangalore.
Since e-verification happens instantly, it saves taxpayers from the delay in transit of ITR-V.
One can e-Verify using any of the various methods - Aadhaar OTP / EVC (using pre-validated bank / demat account) / Net Banking / Digital Signature Certificate (DSC).
Although some taxpayers like to assume that e-verification is mandatory, it is not. E-verification is just one method of verifying your filed ITR.
You can choose either of the two methods to verify your filed ITR: A) e-verification online or B) Send a physical copy of duly signed ITR-V to CPC , Bangalore.
How to e-verify
First and foremost, you need to enter the following details: PAN, assessment year, acknowledgement number and mobile number.
In the second step, the taxpayer needs to verify the return.
Following this, the taxpayer needs to select a method for return verification.
Finally, the income tax return is verified successfully.
You can e-verify in one of the three situations:
- When returns are filed for assessment year is 2019-20 and onwards.
- When returns where digital signature certificate is not mandatory.
- When returns are not filed by an authorised signatory or representative assessee.
The tax rules also demand that the authorised signatory and representative assessee are required to e-verify post login at their respective capacity.
In case of delay
One must make note of the fact that if you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961.
However, you may request condonation of delay in verification by giving appropriate reason.
Once such a request is submitted, you will be able to e-Verify your return.
However, the return will be treated valid only once the condonation request has been approved by the competent Income Tax Authority.