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HomePersonal FinanceIncome Tax Rules: Big news! Government issued a big order regarding ITR,...

Income Tax Rules: Big news! Government issued a big order regarding ITR, know now the new rule & deadline

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ITR Filing Latest Update: To complete the process of Income Tax Return, after filing ITR, you need to E-Verify. If the ITR is not verified within the stipulated time frame, it is considered invalid.



Income Tax Return Filing Update: The last date to file ITR was 31st July and the government did not extend it even further. That is, if you have not filled your ITR, then you will now have to fill it with fine. Meanwhile, the government has changed a major rule of ITR. The government has tightened the rules of e-verification. According to the notification issued by the Finance Ministry, now such people will get only 30 days for e-verification.

Department issued orders!

According to the order, the Income Tax Department has reduced the time limit for submission of hard copy of ITR-V e-verification or ITR-V after filing of income tax returns to 30 days from the existing 120 days, with effect from August 1, i.e. today. Has been done. The department had announced the change in the deadline by issuing a notification on July 29.

These rules will be applicable to taxpayers who file their income tax returns on or after August 1. According to the new notification of CBDT, now the date of furnishing the return electronically will be deemed to be the same when Form ITR-V is submitted within 30 days from the date of transmission of data electronically.

Verification is mandatory

As per income tax laws, ‘ITR will not be considered valid if it is not verified after filing. As per the rule you can verify this in six ways. Generally, audit of ITR-1, ITR-2 and ITR-4 is not required. Let us know in which ways ITR can be verified.

You can do ITR e-verify in these ways

1. Through Aadhaar OTP
2. By logging into e-filing account through Net Banking
3. EVC through Bank Account Number
iv. EVC through Demat Account Number
v. EVC through Bank ATM
vi. By sending signed copy of ITR-V through post to CPC, Bengaluru

How to E-Verify ITR through Aadhaar

Step 1: Go to https://www.incometax.gov.in to access your e-filing account .
Step 2: Select e-Verify Return option under Quick Links.
Step 3: In this, select Verify using OTP on the mobile number registered with Aadhaar. Then click on e-Verify screen.
Step 4: Select ‘Agree to verify Aadhaar details’ as checked on the Aadhaar OTP screen. Then click on Generate Aadhaar OTP.
Step 5: After entering the 6-digit OTP sent to your Aadhaar-registered mobile number, click on Validate.
Step 6: Remember that this OTP is valid for 15 minutes only. You will be given three chances to enter the correct OTP. You will also see an OTP expiry countdown timer on the screen, which will notify you when the OTP is received. Whereas when you click on Resend OTP, a new OTP will be generated and you will get it.
Step 7: Now a page with the success message and transaction ID will appear. Keep the transaction ID handy for further use. A confirmation message will also be sent on the e-mail and mobile number that you have given on the filing portal.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com
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