Tax Compliance

Verifying your Income Tax Return (ITR) is essential to complete the tax filing process. Failure to verify the return will render it invalid in the eyes of the Income Tax Department.

ITR Verification Importance

Verification of ITR should occur within 30 days of filing. If not verified, the return is deemed invalid, potentially leading to penalties or the requirement to file a belated return.

Methods to e-Verify ITR

ITR verification can be performed via online (e-verification) or offline (physical submission) methods.

1. Aadhaar OTP

• Common and quick method.
• Aadhaar must be linked with PAN and a registered mobile number.
• An OTP is sent to the Aadhaar-linked mobile number for verification.

2. Net Banking

• Access your bank’s net banking portal.
• Select the “e-verify” option to complete the process directly.

3. Bank Account / Demat Account

• Pre-validate the account on the income tax portal.
• Use the OTP sent to the registered number for verification.

4. Digital Signature Certificate (DSC)

• Mandatory for companies and audit cases.
• Requires a registered DSC on the portal.

5. Offline Verification (ITR-V)

• Download, sign, and post ITR-V to CPC, Bengaluru.
• Takes longer than e-verification.

Common Errors in e-Verifying ITR

• Missing the deadline: Verification must be completed within 30 days of filing.
• Unlinked Aadhaar and PAN: Aadhaar OTP requires linkage.
• Incorrect contact details: Mobile and email must be current.
• Not pre-validating bank account: Necessary for refunds and OTP verification.

Ensuring timely and accurate ITR verification is crucial to avoid penalties and ensure compliance with tax regulations.