As Income Tax Return (ITR) countdown begins, learn about the 3-step simplified verification process
Without verification your ITR filing process is not complete. Failing to verify your return within the stipulated time frame might render your tax return invalid. In other words, it's as good as not being filed, which may lead to penalties or late fees.
The deadline for filing income tax return (ITR) for the financial year 2022-2023 is inching closer. However, even if you have already filed your ITR you still need to verify your I-T return within 30 days of filing. Verification of your ITR is essentially the taxpayer affirming that the information you've provided is accurate to the best of your knowledge. It's a final stamp of confirmation that you're submitting genuine tax information in good faith.
Without this crucial step, your ITR filing process is not complete. Failing to verify your return within the stipulated time frame might render your tax return invalid. In other words, it's as good as not being filed, which may lead to penalties or late fees.
ITR filing: Verification process
Historically, the window to verify your tax return after its e-filing, spanned a generous 120 days. This meant you had four months to validate your tax return, a process essential to its completion.
However, from August 1, 2022, the period available for verification was reduced to just 30 days.
It’s important to note that this countdown begins on the day your return is electronically submitted.
3-Step ITR filing verification process explained
The Income Tax Department has laid out a three-step process to simplify the verification of ITR, filed electronically.
Step 1: E-filing of ITR
This involves the online submission of your tax return via the e-filing portal of the Income Tax Department. It's a good idea to have all the necessary paperwork, including your Form 16, bank statements, and proof of any other income as well as investments, at your fingertips to help you sail through the process.
Step 2: Selecting preferred e-verification method
The verification can be done through multiple ways such as via an OTP , an Electronic Verification Code (EVC) or a Digital Signature Certificate. The verification can also be completed through net banking. You can also verify your return by submitting a physical ITR-V form.
Step 3: Verification within 30 days
Once you've successfully filed your tax return electronically, you have 30 days to verify it. Failure to verify within this timeframe could mean your ITR is never filed and you may have to initiate the entire process from the beginning.
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