Ensure the Verification of Your Income Tax Return (ITR) to Prevent Rejection

The Income Tax Department has issued a strong reminder to all income tax return (ITR) filers: make sure to verify your returns within 30 days of filing. Failing to do so can lead to the unfortunate rejection of your ITR. As of now, a significant number of ITRs have been filed, with the majority already verified. The deadline for filing ITR for the assessment year 2023-24 was July 31, 2023. For those who managed to submit their ITRs by this date, there’s a grace period to ensure verification without any penalties.

However, if the verification step is missed, it spells trouble. Your ITR will be rejected, and you’ll be required to file a fresh one, accompanied by a late fee that can go up to Rs 5,000.

“Dear Taxpayers, remember to verify your ITR within 30 days of filing. Delayed verification may lead to the imposition of a late fee in accordance with the provisions of the Income-tax Act, 1961,” warns Income Tax India in a post on X. The message is clear: don’t procrastinate; verify your ITR today!

Previously, taxpayers had 120 days to verify their ITRs. However, this was revised to a tighter 30-day window in August 2022. This means that if you’ve successfully filed your ITR, you now have 30 days to get it verified; otherwise, your hard work might go to waste.

Effortless Ways to Verify Your ITR

Fret not! The process of ITR verification has been made simple and convenient. You have multiple methods at your disposal:

Method Description
Aadhaar OTP E-verify your ITR using an Aadhaar One-Time Password (OTP).
Net Banking Easily verify your ITR through your net banking account.
Demat Account Choose this option if you have a Demat account for seamless verification.
ATM Use an ATM to generate an Electronic Verification Code (EVC) for ITR verification.
Bank Account Opt for verification through your pre-validated bank account.

1. Aadhaar OTP

If you decide to go with Aadhaar OTP for verification, here’s how:

  1. Login to your Income Tax e-filing account.
  2. Navigate to the e-file tab and select “Income Tax Return.”
  3. Click on “E-Verify Return.”
  4. Enter your Aadhaar OTP and click “Continue” to finalize the process.

2. Net Banking

To verify through net banking:

  1. Choose the “through net banking” option.
  2. Select your bank and proceed to the net banking login page.
  3. Log in using your credentials.
  4. Find the option to verify your return and follow the prompts to complete the process.

3. Demat Account

For Demat account holders:

  1. A generated Electronic Verification Code (EVC) will be sent to your mobile and email.
  2. On the e-verify page, select “DeMat Account” and enter the received EVC.
  3. Click “e-verify” to finalize the process.

4. ATM

If you prefer the ATM route:

  1. Insert your ATM card and enter the PIN.
  2. Select the option to generate an EVC for Income Tax Filing.
  3. Receive the EVC on your registered email and phone.
  4. Log into your e-filing account, indicate that you have the EVC, and verify it.

5. Bank Account

Finally, for those with pre-validated bank accounts:

  1. An EVC will be generated and sent to your registered mobile and email.
  2. On the verify page, select the bank account option.
  3. Enter the received EVC and click “e-verify” to complete the process.

By choosing any of these methods, you can promptly verify your ITR and sidestep the possibility of rejection or penalties. Staying compliant with tax regulations is crucial, so don’t wait—take action now and verify your ITR without delay.

For more information, refer to the official Income Tax India website.

Remember, verifying your ITR isn’t just a formality; it’s a crucial step to ensure your financial records are accurate, complete, and in line with the law.

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