Kolkata: The final step of the ITR filing process is extremely important and one must not think the process of filing to be over until the verification stage is done. The Income Tax Department offers more than one ways to complete the verification process. These include Aadhaar OTP, Electronic Verification Code (EVC), net banking, Digital Signature Certificate and electronic verification code generated through a pre-validated bank or demat account. However, e-verification is the quickest and most smooth way of completing the ITR filing process. After the ITR is verified, taxpayers are sent a transaction ID on the portal and an email confirming the status. But taxpayers also have the option of verifying their ITR by sending a signed physical copy of ITR-V to the Centralised Processing Centre in Bengaluru. If the ITR is not verified within the deadline, it is regarded as invalid which can trigger the same consequences as failing to file ITR.
According to rule, the ITR must be verified within 30 days from the date of filing the return. This window of 1 month has been in force from August 1, 2022. This window was of 120 days prior to ITRs filed before July 31, 2022. If a taxpayer misses the deadline of 30 days, he/she can send a request to condone the delay explaining the reason for it. If the Income Tax Department approves the request the ITR will be treated as valid.
There are a few simple steps through which taxpayers can verify ITRs:
One can also verify ITR through one’s internet banking facility. But in this case the PAN should be linked to the bank account. Also net banking should be activated. The choice of the net banking verification must be selected in the Income Tax e-filing portal. Then one has to complete the verification process through the bank’s website.
Another option is to generate an Electronic Verification Code through a pre-validated and EVC-enabled bank account. The EVC is sent to the taxpayer’s registered mobile number and email address.
IT filers have still other options. They can generate an EVC using a pre-validated demat account. The only requirement is that the demat account should be active and EVC-enabled on the e-filing portal. Others like businesses can use Digital Signature Certificate to verify ITR. Rules also allows verification through an EVC generated via designated bank ATMs.
Electronic Verification Code, or EVC in short, is a 10-character alphanumeric code generated during the verification process. The department says the code is sent to the taxpayer’s registered mobile number and email address. The EVC remains valid for 72 hours from the time it is generated.
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Avijit Ghosal has been writing on topics of business, industry and investment for the past three decades. He also writes on the broad economy, infrastructure and issues in banking. He has worked for economic dailies such as the Business Standard, The Economic Times, business magazines such as Business Today, English broadsheet the Hindustan Times and Bengali daily Anandabazar Patrika before joining TV9 Network.