ITR filing is important, so is verification, else you are in trouble; Do it this way to avoid penalty
Your Income Tax Returns (ITR) filing deadline is looming and it will be ending in just a week’s time. Hoping and praying that the government extends the last date is not the best strategy to adopt. The last date for filing your tax returns is 31st December. If you have still not filed it, then this is the time to do it. If you file after this date, then you will be required to pay a fine or penalty
Your Income Tax Returns (ITR) filing deadline is looming and it will be ending in just a week’s time. Hoping and praying that the government extends the last date is not the best strategy to adopt. The last date for filing your tax returns is 31st December. If you have still not filed it, then this is the time to do it. If you file after this date, then you will be required to pay a fine or penalty.
You must know that your responsibility does not end with just filing your ITR. You also need to verify it. Until you do it, your filing is not considered complete and the return is incomplete. It is a general belief that once the ITR is submitted the filing is complete. The new taxpayers should especially keep this important detail in mind.
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The last step of ITR filing is not the submission but the verification.
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How to do ITR verification?
ITR verification can be done in many ways. ITR verification can be done online and the Income Tax Department gives 120 days to do it. The easiest way is electronic verification.
Taxpayers should know this that in the financial year 2019-20 (April-March), the last date for ITR filing is 31 December 2020.
How to do electronic ITR verification:
ITR Verification through Aadhaar Card – For this, your PAN should be linked with your Aadhaar. By using the OTP, go to the e-filing portal www.incometaxindiaefiling.gov.in. Click on the e-verification link and select ‘Verify Using Aadhaar OTP’. ON doing this, a message will be received on your registered mobile number and you can now complete the verification process. Your verification will complete after you put the OTP on the income tax department website and click on the submit button.
ITR Verification through Bank Account – The ITR filing can be verified through your bank accounts. Though, not every bank gives this facility. To verify using your bank account you need to have validation from the bank. You need to put your name, account number, IFSC code and mobile number. Fill the details as per the details already present in the bank records. For instance, your name on PAN card should match with the name of the account. Verification will not be complete on any discrepancy.
After the validation process is complete, you can generate EVC in ‘My Account’ tab. You will receive a code on your mobile phone. Click on ‘E-verify’ in My Account tab. Put the code now and enter ‘Submit’. The verification will complete.