ITR filing 2024: Why e-verification after filing your ITR is a crucial step. Check details

ITR filing AY202-25: Individual taxpayers have either submitted or are gearing up to submit their Income Tax Returns (ITR) as the deadline on July 31 approaches. It's important to note that the ITR process doesn't conclude with just submitting the return. Verification of the ITR is a vital step in finalising the filing procedure and guaranteeing its approval by the Income Tax Department. In an effort to streamline this operation, the government has implemented several approaches for ITR verification.

e-Verification is a highly efficient method to fulfill this obligation. It enables individuals to electronically authenticate their tax return, eliminating the necessity of printing, signing, and mailing the ITR-V form physically. The Central Board of Direct Taxes (CBDT) tweaked the time limit for Income Tax Return (ITR) verification to a period of 30 days from the previous 120-day duration, starting from the date of submission of the return.

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The Income Tax Department has stipulated a specific timeframe during which taxpayers must e-verify their income tax returns for the filing to be deemed valid. Neglecting to e-verify one's income tax return within the designated period results in the department invalidating the ITR filing, potentially causing the loss of any tax refunds entitled.

Individuals should verify their ITR within 30 days from the date of filing. Failure to verify within the stipulated time will result in the date of verification being considered as the date of furnishing the return. 

Consequently, all penalties and consequences of late filing will apply. For example, if the ITR was filed on July 20 but verified on August 31, the verification date will be deemed the filing date due to exceeding the 30-day limit.

How to go about e-verification

Aadhaar OTP (One-Time Password): Taxpayers have the option to utilize their Aadhaar number to generate a unique OTP, which is then sent to their designated mobile number. By inputting this OTP on the income tax portal, the verification of their return is promptly completed.

> e-Verify through any portal
> Generate Aadhaar OTP
> Existing Aadhaar OTP

Electronic Verification Code (EVC): An EVC can be generated via a pre-validated bank account or demat account. The EVC is dispatched to both the registered mobile number and email address linked to the account, allowing individuals to e-verify their return conveniently.

> Existing EVC
> Digital Signature Certificate (DSC)
> Generate EVC through a bank account
> Generate EVC through the Net Banking
> Generate EVC through DEMAT account
> Generate EVC through bank ATM option (offline)

Net Banking: Individuals who prefer conducting transactions online can opt for net banking to verify their ITR through their bank accounts. Numerous leading banks in India provide this service, facilitating users to access their net banking account and authenticate their ITR swiftly.

Digital Signature Certificate (DSC): Particularly beneficial for businesses and individuals undergoing audited accounts, a DSC provides an elevated level of security. It is obligatory for specific taxpayer categories, ensuring a secure and reliable verification process.