How To Verify Your Income-tax Return
After you have uploaded or submitted your ITR (income tax return) on the income-tax (I-T) e-filing portal, you get 120 days to verify your return. If you fail to verify your tax return within this stipulated time, then it is considered invalid as per current I-T laws. A return may be verified either by sending a signed copy of ITR-V to CPC (centralised processing centre), Bengaluru through speed post/ordinary post or by e-verification through online modes. 
 
The central board of Direct taxes (CBDT) has decided to provide a one-time relaxation for verification of e-filed ITRs for assessment years (AYs) 2015-16 to 2019-20, which may be done by sending a signed hard copy of ITR-V to CPC, Bengaluru or via online modes latest by 30 September 2020.
 
There are six ways to verify your ITR. Out of these, five are electronic methods and one is a physical method. These methods can be used only if you are filing tax returns which are not required to be audited, i.e., usually ITR-1, ITR-2 and ITR-4 for FY19-20. However, if you are filing your tax returns which are required to be audited, then you have to verify it using the 'digital signature certificate’. 
 
1. Aadhaar-based OTP (One Time Password)
 
To verify your ITR using the Aadhaar-based one-time password (OTP), your mobile number must be linked to Aadhaar and registered as such in the Unique Identification Authority of India (UIDAI) database and your PAN must be linked with Aadhaar.
 
Log in to the income tax e-filing portal and under the 'My Account' tab, click on 'e-verify return' and select the option, 'I would like to generate Aadhaar OTP to e-verify my return.' A text message with a six digit OTP will be sent to your registered mobile number. Enter the OTP (valid only for 30 minutes) received by you and click on submit and your ITR will be e-verified.
 
In case your mobile number is not linked to your Aadhaar, then you could use other ways to electronically verify your ITR.
 
2. Using Netbanking To E-verify
 
You can e-verify your ITR if you have availed the netbanking facility of your bank account. Only select banks allow you to e-verify your ITR. Here is a list of banks which offer you this option to e-verify via netbanking. 
 
To verify your ITR using netbanking facility, login to your bank account on the bank's portal. Choose the e-verify option which is commonly found under the 'tax' tab. You will be then redirected to the e-filing website of the income tax department. Hence, before logging in to your bank account, ensure that you are not already logged in on the e-filing portal.
 
For example, for ICICI Bank, select 'Payments & Transfer' Menu, go to the 'Tax Center' tab and click on 'Income Tax e-Filing' option to login to I-T department portal. You will be re-directed to the e-filing portal of the I-T department where you can proceed to submit and e-verify your return.
 
Click on ‘e-File’ tab and select ‘Income Tax Return’ from the drop down menu. Select the ‘Assessment Year’, ‘ITR For Name’ & ‘Submission Mode’ & click ‘Continue’. Submit your return/ upload the XML.  ITR Verification is complete. 
 
3. Using Bank Account Number To Verify 
 
For this process to work, your PAN has to be registered with the bank and you need to pre-validate your bank account on the I-T portal (in case you have not already done it) after you log in. Go to I-T e-filing portal and under profile settings, select pre-validate bank account and fill in all the details and submit to pre-validate bank account. 
 
Log in to the I-T e-filing portal. Under the 'My Account' tab, choose the 'Generate EVC' option. Here you can choose either through netbanking or through bank account number options. A 10-digit alpha-numeric EVC (electronic verification code) will be sent to your email address and mobile number. This code is valid for 72 hours. Then, go to the 'e-verify' option under the 'My Account' tab to verify your return. Select the option 'I have EVC already' and enter the EVC that you have received on your mobile number registered with the bank. Click on 'Submit' and your ITR will be verified.
 
 
4. Using Demat Aaccount Number To Verify
 
If you are a demat account-holder, you can use your demat account to verify your ITR. This method is similar to the bank account based ITR validation. You must pre-validate your demat account to verify your tax return. Go to the profile settings tab and choose pre-validate demat account and enter the required details such as mobile number, email ID, and your depository name, i.e., NSDL or CDSL. You need to your enter mobile number and email ID which is linked to the demat account.
 
The pre-validation process is automatic and usually takes about 1-2 hours and if there is any error then it is communicated to you via email. You can use your demat account to generate EVC only after your details are validated by your depository. Remember, you will be unable to change your mobile number or email ID without revalidating it with the depository.
 
You need to pre-validate your demat account number and then you can choose the third option seen in the screenshot above ‘Generate EVC through demat account number’. A 10-digit alpha-numeric code will be sent to your email address and mobile number. This code is valid for 72 hours. Then, go to the 'e-verify' option under the 'My Account' tab to verify your return. Select the option 'I have EVC already' and enter the EVC that you have received on your mobile number registered with your demat account number. 
 
5. Using Bank ATM To Verify:
 
Swipe your debit card in the bank’s ATM machine. Enter your PIN and choose e-filing option. Opt for EVC (valid for 72 hours) to be sent to your registered mobile number. Log in to income tax e-filing portal and choose e-verify using EVC obtained via bank ATM. Enter the EVC in the space provided and submit. Your ITR is e-verified. 
 
6. Send Hard Copy Signed Print Out to the Bengaluru CPC
 
If you are unable to e-verify your ITR using any of these electronic methods mentioned above, then you can send a signed copy of ITR-V (income tax return verification/acknowledgement receipt) to the CPC. However, please note the following points: 
 
1. ITR-V is a one-page document which must be signed in blue ink. It must be sent either via ordinary post or speed post. You cannot courier ITR-V and cannot use registered AD.
 
2. Address of CPC Bangalore for speed post: CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka, India'.
 
3. You are not required to send any supporting document along with the ITR-V.
 
4. You will receive a text message on your mobile phone and an email on your email ID once your ITR is received by the tax department. This intimation is only for receipt of ITR-V, the intimation for processing of tax return is separate.
 
5. If you have verified your ITR using any of the electronic methods mentioned earlier, you are not required to send ITR-V to the I-T department.
  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    madnisthm

    1 month ago

    More than a month has passed when I successfully e-verified my ITR for AY 2020-21 through Aahaar based mode. However, it has not been processed yet. What can be the reason. How much time IT Deptt. takes to process an ITR after its successful e-verification. Syed Tafazal Hussain Madni

    REPLY

    sudhindra.jorapur

    In Reply to madnisthm 1 month ago

    They will normally take 30 days if you don't have any refund. Otherwise another 15 days more. Don't worry, it will processed

    pkmuhammedhisan

    In Reply to madnisthm 1 month ago

    They are not processing Muslim ITR requests.

    mywopy

    1 month ago

    The option 1 , aadhar based tax return verification process seems to be the easiest and submission goes through successfully everytime on the first attempt without any errors or hiccups.

    REPLY

    s5rwav

    In Reply to mywopy 1 month ago

    What if Not have Aadhar Card? I am Babubhai Vaghela from Ahmedabad. Thanks.

    CBDT launches faceless income tax appeals
    The Central Board of Direct Taxes (CBDT) on Friday launched the Centre's much-publicised reform measure of faceless income tax appeals.
     
    Under faceless appeals, all income tax appeals will be finalised online under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search matters along with international tax and the Black Money Act.
     
    On August 13, while launching the Faceless Assessment and Taxpayers' Charter as part of "Transparent Taxation - Honoring the Honest" platform, Prime Minister Narendra Modi announced the launching of 'Faceless Appeals' on September 25.
     
    "From now on in income tax appeals, everything from e-allocation of appeal, e-communication of notice/questionnaire, e-verification/e-enquiry to e-hearing and finally, e-communication of the appellate order, the entire process of appeals will be online, dispensing with the need for any physical interface between the appellant and the department," said the statement.
     
    There will be no physical interface between the taxpayers or their counsel/s and the Income Tax Department, it said, adding that the taxpayers can make submissions from the comfort of their home and save their time and resources.
     
    According to the CBDT, the faceless appeal system will include allocation of cases through data analytics and artificial intelligence under the dynamic jurisdiction with central issuance of notices which would be having Document Identification Number (DIN).
     
    As part of dynamic jurisdiction, the draft appellate order will be prepared in one city and will be reviewed in some other city resulting in an objective, fair and just order.
     
    As per the CBDT, the faceless appeal will provide not only great convenience to the taxpayers but also it will ensure that it will ensure just and fair appeal orders and minimise any further litigations. The new system will also be instrumental in imparting greater efficiency, transparency and accountability in the functioning of the Income Tax Department, it said.
     
    As on date, there is a pendency of almost 4.6 lakh appeals at the level of the Commissioner (Appeals) in the Department.
     
    Out of this, about 4.05 lakh appeals, or about 88 per cent of the total appeals, will be handled under the faceless appeal mechanism and almost 85 per cent of the present strength of Commissioners (Appeals) shall be utilised for disposing off the cases under the faceless appeal mechanism.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User 

    CAs Urge Govt To Provide Relief to Taxpayers during COVID-19 Pandemic
    So severe has been the hardship caused to businesses by the unprecedented COVID-19 pandemic that several chartered accountants' (CAs') associations have taken the initiative to ask the government to save taxpayers from undue and unintended hardships under the Income-tax (I-T) Act. CA associations from across the country have written to finance minister Nirmala Sitharaman to grant relief to taxpayers from provisions of tax collection at source (TCS) under Section 206C(1H) of the I-T Act.
     
    The CAs want the finance minister to extend timelines for filing tax returns under Section 139(1) of the I-T Act and also for filing transfer pricing audit report and, consequently, the ITR (income-tax returns) for such taxpayers, improving cash-flows with businesses and to provide relief to taxpayers from unwanted hardship.
     
    They have asked for the due date for filing of returns for assessment year (AY) 2020-21 be extended to 31 March 2021 and the due date for filing the tax audit report be extended to 28 February 2021. This will also mean taxpayers availing moratorium will get an extended time for payment of interest and claiming the deduction under Section 43B of the Act in AY20-21.
     
    The letter is signed by presidents of Bombay Chartered Accountants’ Society (BCAS), Chartered Accountants Association of Ahmedabad, Chartered Accountants Association of Surat, Karnataka State Chartered Accountants’ Association and Lucknow Chartered Accountants’ Society.  
     
    A big issue that is hurting business badly is tax collected at source. Under an amendment by insertion of sub-section (1H) in Section 206C of the I-T Act, where a seller who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding Rs50 lakh in any previous year shall at the time of receipt of such amount collect from the buyer, a sum equal to 0.1% of the sale consideration exceeding Rs50 lakh as income-tax.
     
    However, assessees who are incurring huge losses cannot apply to the assessing officer for Nil/lower tax collection at source certificate under sub-section (9) of Section 206C of the Act. Tax collection at source in such cases results in blockage of funds, which is subsequently required to be claimed as refund by the assessees from the I-T Department.
     
    Under section 206C (1) the TCS is to be collected from the amount payable by the buyer at the time of debiting this account or on its receipt from the buyer. Whereas under Section 206(1H) the TCS is to be collected from receipt of 'sale consideration' which phrase has not been defined anywhere. If one goes to sale of goods act, the sale consideration is simpliciter restricted to the consideration for the goods sold and will not include any taxes on sale, it added.
     
    Sub-section (1H) of Section 206C of the Act provides for TCS while receiving payment for a sale Consequently, provisions of Section 206C(1H) is triggered on actual receipt of sales consideration which gives an impression that from 1 October 2020, the date from which the provisions of Section 206C(1H) becomes applicable, recovery of amounts outstanding as on 30 September 2020 would also come within the ambit of section 206C(1H) of the Act even though such sale, as per mercantile system of accounting followed by the seller, would have taken place before 1 October 2020.
     
    Here is the representation sent by the CA associations to FM Ms Sitharaman...
     

     

  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    m.prabhu.shankar

    1 month ago

    Excellent. Great. Great. More and more civil society members should start speaking out in the public on all the issues always irrespective of which govt is in the ruling.

    Nahom

    1 month ago

    Actions speak louder than words. Govt. seems to ride the Covid crisis by relying on large Indian companies who are proxies to Foreign Multinationals for transforming the Economy. Govt is ready to provide all incentives and low interest rate environment to this ultra top sector of the pyramid at the cost of the others. Govt thinks providing relief to bottom of the pyramid will be wasteful and will not provide benefits of economy of scale suitable for large Indian market. This would mean pauperisation of middle class and below.

    krish.queries

    1 month ago

    FMs response will be "I don't pay income tax, so Income Tax doesn't matter to me". Remember the
    FM comments on onion price rise

    S.SuchindranathAiyer

    1 month ago

    Can a mere appeal by Chartered Accountants get the bottomless greed of the Modi Sarkar for money to throw away on global "Multi Appeasement" Policies, to relent and actually see the reality they have pretended does not exist?

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)
    FREE: Your Complete Family Record Book
    Keep all the Personal and Financial Details of You & Your Family. In One Place So That`s Its Easy for Anyone to Find Anytime
    We promise not to share your email id with anyone