Published on Dec 27, 2023Updated on Dec 28, 2023
Verifying your Income Tax Return (ITR) is not only a procedural requirement but also a critical step to ensure the legitimacy and processing of your tax filing. The significance of e-verification of ITR lies in its pivotal role in activating the official financial details of the income tax department. It serves as the gateway to commence the processing of your return. Therefore, understanding and completing the e-verification process is indispensable, as it not only validates your filing but also expedites the subsequent stages of assessment and acknowledgment by tax authorities. In this article, we elucidate the importance of e-verification and its importance.
Upon filing your Income Tax Return (ITR), the income tax department receives the submission but refrains from immediate processing or checking. The initiation of processing occurs only after the ITR verification, a step integral to the overall procedure. In a stride toward efficiency, the Income Tax Department has introduced a streamlined method for e-verification, eliminating the necessity for taxpayers to log in to the income tax portal. This novel approach expedites the ITR verification process, offering a prompt alternative to the previous method.
As per the new regulation, the time limit for e-verification of ITR is now set at 30 days from the date of ITR submission, a significant reduction from the previous span of 120 days. This revised rule applies to returns filed on or after August 1, 2022. However, for taxpayers who submitted their income tax returns up to July 31, 2022, the traditional 120-day time frame for e-verification remains applicable.
E-verification stands out as the most convenient and immediate method for verifying your ITR and failure to do so within the stipulated time renders the ITR invalid. This process ensures the authenticity of your filing and is crucial for the tax authorities to initiate the formal processing and assessment of your return. Embracing e-verification streamlines the procedure, offering expediency and reliability. By leveraging this electronic verification method, taxpayers can swiftly confirm the accuracy of their ITR, facilitating a seamless transition from submission to the active consideration of their financial details by the income tax department.
E-verification of Income Tax Return (ITR) offers these methods:
These diverse channels provide flexibility for taxpayers to choose the most convenient mode for EVC generation, aligning with their preferred banking or financial platforms. Whether through online banking, ATM services, or utilizing specific account numbers, each method serves as a secure means to authenticate and e-verify income tax return, contributing to a hassle-free and efficient ITR verification process.
To e-verify ITR, follow these simple steps:
By diligently following these steps, you ensure the seamless and successful e-verification of Income Tax Return.
The e-verification of ITR offers several noteworthy significances:
Verifying your Income Tax Returns is an essential step in concluding the filing process. Non-verification within the specified timeframe renders the ITR invalid, potentially incurring penalties. Opting for e-verification emerges as the most convenient and immediate method to authenticate your ITR. This streamlined approach eliminates the need for traditional, time-consuming verification methods, providing a swift and efficient means of ensuring the validity of your tax filing. By embracing the e-verification of ITR, taxpayers can expedite the verification process, thereby enhancing the overall efficiency of the Income Tax Return filing experience.
To initiate the e-verify for ITR, participants begin with Form I-9 completion within three business days of the employee starting work. This involves cross-referencing the information with DHS and SSA records. Photo matching is crucial, prompting employers to compare the employee's document photo (Green Card, Employment Authorization Document, U.S. passport) with the one displayed during e-verify case creation. This step ensures document authenticity and accurate correspondence with the employee.
The E-verification of ITR has many benefits including:
In conclusion, the e-verification of ITR stands as a cornerstone in modernizing and fortifying official processes, whether in the realm of income tax filing or employment eligibility verification. Its significance is underscored by its pivotal role in ensuring the validity of submitted tax returns, preventing penalties, and facilitating compliance with immigration laws in employment contexts. Beyond regulatory adherence, e-verification embodies efficiency, offering swift and accurate confirmations while reducing reliance on cumbersome paperwork. The automated systems not only enhance accuracy but also incorporate advanced security measures, safeguarding against identity fraud.
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Submit the signed ITR-V form within 30 days of filing your income tax returns. Print the form in black for legibility, sign it in blue ink, and send it via speed post or ordinary post, avoiding courier services. Adhering to these guidelines ensures the timely and proper processing of your tax returns.
Opting for e-verification of ITR stands out as the most convenient and immediate method, ensuring the timely and seamless validation of your ITR submission. This digital verification process expedites the acknowledgment of your filing, offering a hassle-free solution to meet compliance requirements.
CBDT has reduced ITR verification online time to 30 days (from 120) for online returns filed after August 1, 2022. E-verification becomes pivotal, offering a swift and convenient method for validating Income Tax Returns within the revised timeframe and ensuring compliance with the updated regulations.
Failing to file the Income Tax Return (ITR) by the deadline results in a belated return. A late filing fee of INR 5,000 or INR 1,000 (as applicable) is imposed, and there may be interest charges on the outstanding tax amount.
An Authorized Signatory or Representative Assessee is empowered to e-verify income tax return on your behalf. They have the flexibility to use various methods, and one such convenient option is Aadhaar OTP, which facilitates secure and efficient e-verification of ITR.
When e-verifying your return, you can expect a success message with a transaction ID on the screen. Additionally, an email will be dispatched to your registered email ID on the e-filing portal, confirming the successful verification process. For Authorized Signatories or Representative Assessees, a success message with a transaction ID will also be displayed. Following successful verification, confirmation emails will be sent to both the primary email ID of the Authorized Signatory/Representative Assessee and the email ID registered with the e-filing portal.
Failure to verify within the stipulated time deems your return not filed, inviting consequences under the Income Tax Act, 1961. Condensation of delay is possible with a valid reason, allowing subsequent e-verification, but return validity depends on approval by the Income Tax Authority.
A return can be verified and signed by the individual or anyone authorized under Section 140(a). In cases where the individual is not in India, a person authorized by them can sign. If mentally incapacitated, the guardian or a competent person can sign. In other cases, if the individual cannot sign, anyone authorized by them can sign.
After filing your Income Tax Return (ITR), e-verification via Aadhaar OTP is possible. Ensure your Aadhaar is linked to your PAN and registered mobile number. Follow these steps:
Failure to verify your return within the stipulated time deems it not filed, incurring consequences outlined by the Income Tax Act, 1961. However, condonation of delay is possible with a valid reason. If not verified within 30 days of e-filing, it's deemed invalid, potentially incurring a late fee of INR 1,000 or INR 5,000 under Section 234F of the Income Tax Act, 1961.
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