How To Verify Your Income Tax Return?

Getting ready to file your income tax returns (ITR)? It's not just enough that you upload your IT returns on the website (for e-filing). For your ITR to be considered valid you need to verify your returns. The verification of ITR may be done using a physical method or you can choose to do e-verification. For the physical method of verification, you have to send ITR-V through the post. If you choose to e-verify your ITR there are five different methods to choose from. 

These methods of ITR verification are applicable only for those returns that do not require auditing. The IT return that requires auditing has to be verified using the ‘Digital Signature Certificate’.Let’s take a look at the different methods of ITR verification.

Verification using Aadhaar Based OTP

If you have an Aadhaar card you can verify your tax returns using Aadhaar based OTP (One Time Password). Today Aadhaar based online KYC is one of the quickest ways by which the identity of a person living in India can be established. 

Aadhaar online KYC is one of the important steps, be it for receiving governmental benefits, opening bank accounts/ loan accounts, buying a property, or taking a mobile connection.

The identity of the person is established through Aadhaar authentication. In this process the details stored on the Aadhaar are submitted to the UIDAI (Unique Identification Authority of India), the Aadhaar issuing authority, to confirm the identity of the individual.

To verify your ITR using Aadhaar your mobile number and PAN card must be linked to it.  Follow the steps given below to verify your ITR using Aadhaar.

1. Log on to the e-filing website of the IT department

2. Click on ‘My Account’

3. Select the option ‘e-Verify return’

4. Select the option to generate Aadhaar OTP

5. You’ll receive a 6 digit OTP on your mobile number linked to your Aadhaar

6. Type in the OTP and click on ‘Submit’

Once you’ve successfully submitted the OTP your IT returns will get verified. Please remember that the validity of the OTP is for 30 minutes only.

Through Bank Account

The IT department has granted permission to selected banks to e-verify ITR using the individual’s bank account. If your bank is on that list you can do so. However, you need to pre-validate your bank account. 

1. Once your account is pre-validated select ‘My Account’

2. Click on the option ‘generate EVC’

3. You’ll receive a code on your registered mobile number

4. Click on the ‘e-verify’ option 

5. Type in the code

ITR Verification Through Net Banking

You can e-verify your ITR if you are using the facility of the net-banking of your bank account.

Through bank ATM

ITR can be verified by generating EVC through ATM’s of selected banks. Make sure your bank is on the list of the IT department.

Using Demat Account

If you have a Demat account you have the option to verify your ITR through that account.

ITR-V (Physical Verification Of ITR)

For those of you who are unable to do e-verification of ITR can do physical verification by submitting ITR-V (signed copy) to the IT department. Follow the steps given below.

1. Fill in the ITR-V form

2. Sign it using blue ink

3. Send it through speed post/ordinary post

4. Couriers won’t be accepted

5. Once received by the IT department you’ll receive intimation through SMS and e-mail

The maximum time limit to verify your ITR is 120 days. The IT law states that if a person fails to verify her/his IT returns it will be considered invalid.

For more information contact us.

We, Finahub, are experts in Aadhaar related products and services like eSign, online KYC, Authentication, etc. If you want to know how your enterprise can start using it, please give us a call  @ 0484 2388285 or email us at [email protected]