ITR Verification Rule: As per the Income Tax Department rules, verification is mandatory within 30 days of filing ITR. Delay may invalidate the return, attract penalty and interest, and also block the refund. Know 7 ways of ITR verification.
ITR Verification Rule: Verification is mandatory after filing Income Tax Return (ITR). If you do not do the verification, then all your hard work of filing ITR may go waste. Verification should also be done within 30 days of filing the return. This rule is effective from 1 August 2022. Earlier, taxpayers used to get up to 120 days for verification.
Let us know how to verify ITR after filing it. What will happen if it is not verified. Also, how to know whether ITR verification has been done or not.
7 Options to verify returns
The Income Tax Department’s priority is e-verification to speed up processing and avoid delays or loss of physical documents. However, the facility of physical verification is still available. Taxpayers can verify ITR in the following 7 ways:
- Aadhaar OTP: OTP comes on the mobile number linked to your Aadhaar.
- Bank EVC: Electronic Verification Code (EVC) is generated from a pre-validated bank account.
- Demat EVC: EVC can also be generated from a validated demat account.
- ATM EVC: EVC can also be generated through ATM card, but this facility is available in only a few banks.
- Net Banking: EVC can also be generated from the net banking portal of authorized banks.
- Digital Signature Certificate (DSC): DSC is mandatory in some cases. ITR can also be verified through this.
- Physical verification: If someone is unable to do e-verification, then ITR-V form has to be printed, signed with a blue pen and sent to the CPC office in Bengaluru. This process also has to be completed within 30 days of ITR filing.
Return may be invalid on delay
According to the Income Tax Department, if the ITR is not verified on time, it will be considered ‘invalid’. This will mean that the taxpayer did not file the return. Due to this, taxpayers may be charged a late fee of up to ₹ 5,000 under section 234F. Also, 1% interest will have to be paid every month on the outstanding tax.
Delay in refund and risk of interest
Tax refund can also be stopped in case the ITR is not valid. If taxpayers are unable to do the verification within the time limit of 30 days, they can apply for ‘Condonation of Delay’. However, this depends on the approval of the department and there is no guarantee of approval.
How to know if the verification is successful or not?
After e-verification, a success message and transaction ID appears on the screen and a confirmation is also sent to the registered email. The status of physical verification can be tracked in the ‘View Returns/Forms’ section on the e-filing portal.
Permission for verification through representative
Taxpayers can also get the verification done through their representative (such as a chartered accountant or family member) if they wish. For this, they are allowed to use Aadhaar OTP, Net Banking or Bank/Demat EVC. However, OTP or EVC will be sent only to the mobile/email of the concerned representative.
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