Out of over 5.65 crore income tax returns (ITRs) filed up to 31st August this year, only 3.61 crore ITRs have been verified, according to latest information from the income tax department. This means that over 2 crore income tax filers are yet to verify their ITRs. If the ITRs are not verified, they are treated as invalid returns by the income tax department. Only after the verification of ITRs, the income tax department starts processing it. ITRs can be verified both online and offline. E-verification or online verification helps expedite the processing of tax return and tax refunds, if any.
Here are different ways through which you can verify your ITR:
Verifying ITR through Aadhaar OTP: According to the income tax department, so far a large number of taxpayers, about 2.86 crore (79%) have opted for e-verification, mostly using Aadhaar OTP. There are other options such as net-banking and demat account number to e-verify your return. If you want to do it through Aadhaar method, an OTP will be sent on your mobile number registered with Aadhaar to verify return.
To ease e-verification process of income tax returns (ITR), the income tax department has launched a new facility for e-verification of ITR on its e-filing portal. Taxpayers can e-verify their ITR without even logging in to the e-filing website.
On the Income Tax e-filing website, you can see a new 'E-verify return' under Quick Links. Clicking on it will take you to the new e-verification page where you can verify ITR by simply giving your PAN, mentioning the assessment year and acknowledgement number mentioned in the ITR-V form.
The 'e-verification' page will give you three options:
Option 1: I already have an EVC to e-verify my return
Option 2: I don't have an EVC and I would like to generate EVC to e-verify my return
Option 3: I would like to use Aadhaar OTP to e-verify my return
In order to e-verify return other than through net-banking, you will need to generate electronics verification code (EVC), which you will receive on your phone number registered with your bank or demat account. However, first you will need to pre-validate your bank or demat account number, with the income tax e-filing account. To pre-validate the accounts, go to “profile setting" and choose which bank or demat account you want to pre-validate.
Offline verification of ITR:
An income tax filer can download the ITR-V (acknowledgement form), sign it physically and mail it to the Income Tax Centralized Processing Centre (CPC) within 120 days from the date of uploading the ITR. An income tax filer can download ITR-V by logging in into their e-filing account.
Then go to 'My Account' tab and click ‘View E-filed returns/Forms’ and then 'Income Tax Returns' submit. You will get list of all the returns filed by you. In the status section you can see if the return is pending verification. Click the acknowledgement number of the year’s return and download the ITR-V.
Once it is received by the CPC, a confirmation will be emailed to the income tax filer. You can also check the status online on the department’s website.