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How to Verify Your Income Tax Return?

Introduction

Income Tax rules in India require you to file tax returns regularly. You have to disclose your income and expenditure to enable effective taxation. It can be done by a simple online or offline Income Tax Return (ITR) filing process. A crucial step in this process is verifying the ITR.

ITR Verification Process

The Income Tax department grants you 120 days after you have uploaded your ITR file on the IT portal, during which you must complete your ITR verification process. Non-conformity of this mandatory step makes your ITR filing invalid. This verification can be done online as well as offline.

Offline ITR Verification Process

In this physical mode, you will have to download the ITR-V forms from the IT portal (www.incometaxindiaefiling.gov.in.), fill up the forms, and post them along with the mandatory documents to the Centralized Processing Centre in Bengaluru.

Online ITR Verification Process

The electronic verification process is relatively quick and convenient. You can do it entirely online. Kindly note that you can e-verify your ITR only where Digital Signature Certificate (DSC) is not compulsory. The crux of this e-route is generating an e-verification code (EVC) and submitting it. An EVC is a 10-digit alphanumeric code that identifies you as a distinct taxpayer. There are multiple ways to verify your ITR online. The guide to verifying your ITR through the online method is below,

1. Go to the IT portal.

2. Click on the 'e-Verify Return' under the Quick Links menu.

3. Click on 'e-Verify Return'. You will be redirected to the login page—Plug in your login credentials to proceed.

4. Click on 'View Returns / Forms' under the Dashboard menu.

5. The next step is clicking on the option to view your returns that are pending for e-Verification. Select 'e-Verify' corresponding to the ITR you want to verify.

6. The next step is to generate an EVC. You can generate it using any of these methods:

Net-Banking

  • Kindly note that you can verify your ITR through Net Banking only for select banks.
  • Visit your bank's website and log in to your bank account to commence this method.
  • Next, you have to choose to e-verify your ITR under the 'Tax' menu option. It will redirect you to the IT portal.
  • Select 'My Account and then on the 'Generate EVC' option on the portal. You will receive the code on your registered email ID and mobile number. The validity of this code is for 72 hours.
  • Next, you must select the option 'I have EVC already' and submit the code for a successful e-verification.

Aadhar Card

  • The first step here is to link your mobile number and PAN to your Aadhar card if it isn't already.
  • On the IT portal, select 'My Account' and then on 'e-Verify Return.'
  • Plug in your required details like PAN, assessment year, an acknowledgement number.
  • Next, you will be directed to generate a one-time password (OTP) to verify your ITR. A 6-digit OTP will be sent to your mobile number. Enter this OTP in the required field and submit it for a successful e-verification.

Bank Account

  • Kindly note that you can verify your ITR through your Bank Account only for select banks.
  • You have to pre-validate your bank account for proceeding with this option. The 'Profile Settings' on the IT portal have the option to pre-validate your bank account. You will have to submit details such as your bank's name, account number, IFSC code, and registered mobile number for it.
  • Upon successful pre-validation, select 'My Account and then go to the 'Generate EVC' option on the portal. You will receive an EVC on your registered mobile number.
  • Finally, click on the 'e-Verify' option and submit the code for a successful e-verification.

Demat Account

  • Kindly note that you can verify your ITR through a Demat Account only if you are a Demat Account holder. If you don't have a Demat Account, you can easily open one with a registered broker. Click here to understand the process of opening a Demat Account online. ICICI Direct is a trustworthy, registered broker that can help you open a Demat Account
  • Like the Bank Account's route of ITR verification, this route also requires you to pre-validate your Demat Account. The 'Profile Settings' has the option to pre-validate your Demat Account. Fill in the required details such as depository name (NSDL or CDSL), Demat Account Number, registered mobile number and email ID, etc. The pre-validation process takes about 1-2 hours to complete. If there are any errors, you will receive a communication about them through email
  • Upon successful validation of your Demat Account by the concerned depository, you can generate an EVC. Select the 'Generate EVC' option
  • An EVC will be sent to your registered mobile number. Submit it in the required fields to successfully verify your ITR

7. Your mobile number and email ID entered throughout the e-filing and e-verification process are the same as those you have registered for your Bank Account/Net Banking/Aadhar Card/Demat Account. A mismatch in it can lead to errors.

8. Once the EVC is verified through the system, you will receive a notification about it on your portal screen through a display message. You will also receive this intimation on your registered email ID. Download this acknowledgement for future reference. That marks the end of your successful ITR verification.

Conclusion

The ITR filing and verifying process are robust and secure at multiple levels. And among the two, online ITR verification methods have the upper hand over the physical route due to their hassle-free structure. Furthermore, technology has eased it out significantly, even for those from non-accountancy backgrounds. So let go of the dependency and start filing your returns yourself at the earliest.

Additional Read: Understanding the Basics of Income Tax for Beginners

Further Read: Income Tax Rebate? What is Income Tax Rebate?

Additional Read: What are the Benefits of Filing Income Tax Return on Time?

Additional Read: What is Form 16? Basics Part A & Part B of Form 16

Disclaimer

ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.  The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  Investments in securities market are subject to market risks, read all the related documents carefully before investing. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents are solely for informational and educational purpose.

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