ITR verification time reduced to 30 days; know six ways to check the tax return
For ITRs filed on or after August 1, 2022, the verification period for these has been reduced to 30 days. If you forget to check your ITR within the prescribed time, then it will be considered void.
“Data electronically will be the date of submission of the return if Form ITR-V is submitted within 30 days of the date of data transmission electronically. In the event Form ITR-V is filed after the deadline mentioned above, it will be considered that the declaration for which the ITR-V form has been completed has never been submitted and it will be the responsibility of the person evaluated to electronically retransmit the data and follow up on it by submitting the new ITR-V form within 30 days,” CBDT said in its latest notification.
Look at the six ways you can check your tax return:
On the ‘e-Verify’ page, select ‘I would like to verify using OTP on the mobile number registered with Aadhaar’ and click ‘Continue’. A pop-up window will appear on your screen. You will need to check the box that says “I agree to validate my Aadhaar information” and click on “Generate Aadhaar OTP”.
An SMS with the 6-digit OTP will be sent to your registered mobile number. Enter the received OTP in the box where it is required and click submit. Upon successful submission, your ITR will be verified. OTP is only valid for 15 minutes.
The second method of verifying ITR is through Net Banking. On the ‘e-Verify’ page, select ‘Through Net Banking’ and click ‘Continue’. Select the bank you want to verify your ITR with and click ‘Continue’. A pop-up window will appear on your screen containing a disclaimer. Read and click ‘Continue’.
For verification, the third option is to generate an Electronic Verification Code (EVC) through their bank account. You must have a pre-validated bank account to be able to generate EVC. Keep in mind that pre-validation of the bank account is essential to receive the income tax refund.
ITR electronic verification time reduced to 30 days. Check what happens if it is submitted after that
ITR Deposit: Record 72.42 lakh ITR deposited in one day; approximately 5.83 million returns filed through July 31
The process of verifying ITR through a demat account is similar to verifying through a bank account as mentioned above. On the e-Verify page, select “Via Demat Account” and click “Continue”. The EVC will be generated and sent to your registered mobile number and email id with your pre-validated and EVC-enabled demat account. Enter the received EVC on your mobile number and email id registered with your Demat account and click e-Verify.
Sending signed ITR-V / Acknowledgment of receipt
If you cannot verify your ITR using one of the electronic methods mentioned above, you can send a signed copy of the ITR-V (acknowledgment of receipt) to the tax department.