How to e-Verify Inocme Tax Return Using Aadhaar OTP?
ITR E-verification via Aadhaar OTP simplifies the process and helps maintain security. It is one method one can use to validate their ITR, and it is exclusively for Aadhaar card users. This is important since Section 119 of the income tax law states that if a taxpayer fails to verify the ITR within 30 days of filing it, then the ITR will be deemed invalid.
This process of signing does not require a physical signature or even the submission of hard copies of documents, thus making it easy and paperless. Continue reading to learn how to E-verify ITR using Aadhaar OTP and the essential details.
What is the e-Verification of ITR?
The Income Tax Return (ITR) Appendix is another name for Electronic Verification of ITR – it is a method for verifying information in a return faster and better. Notably, it does away with the necessity of physically affixing signatures and then posting the ITR-V to the CPC in Bengaluru.
The e-verification provided an official assertion from the taxpayer's side confirming that all information entered in the ITR is accurate to her/his best knowledge. It also eliminates formalities regarding signatures and physical documents, which are required for the entire process and are entirely digital and paperless.
e-Verification can help the Income Tax Department verify that the documents it receives are authentic. It also offers taxpayers an efficient and secure way of ascertaining the status of their papers.
What is the Importance of Verifying the Income Tax Return (ITR)?
Verifying the ITR is essential. Once the ITR has been verified, taxes can be filed, and if not filed within the specified period, the taxes cannot be filed again. Through its latest notification, the Income Tax Department compelled individual taxpayers to validate the ITR filed within 30 days from August 01, 2022.
If this is not done within 30 days, the return will be deemed to have not been filed, and accordingly, the Income Tax Department will not entertain it. Therefore, your tax department will not proceed to the following processing level while the taxpayer's verification process is still ongoing.
If the ITR is not e-verified within the said period, the Income Tax Department has a right to issue a notice of failure to e-verify the ITR. This underlines the importance of the verification process, as it checks the legitimacy of the information submitted to the tax return service.
How to e-Verify Income Tax Return (ITR) Using an Aadhaar Card?
Here are a few simple steps to e-verifying your return using an Aadhaar Card:
Step 1: File an e-tax return through the official website of the Income Tax Department of India.
Step 2: Go to the ‘e-file’ option on the home page, then go to the ‘Income Tax Returns’, and under this option, select ‘e-verify return.
Step 3: Locate the latest ITR for e-Verification.
Step 4: Choose ‘I would like to e-verify using OTP on the mobile number registered with Aadhaar.’ Please ensure that your PAN is linked to Aadhaar and your mobile number is registered with Aadhaar.
Step 5: Tick the box near ‘I have read the instructions and guidelines and agree with them’ and click ‘Generate Aadhaar OTP.’ Please remember that the OTP is active for 15 minutes only.
Step 6: Type the received OTP and press the ‘Submit’ button. You will see a confirmation message on the screen, and a confirmation acknowledgement will be sent to the provided email address.
How to e-Verify ITR Using EVC?
Let’s discuss how to e-verify ITR using EVC:
Step 1: Visit the ’e-File’ page on the Income Tax official website
Step 2: Users can type ‘Generate EVC’ to get a 10-digit code through their registered Email ID and Registered Mobile Number.
Step 3: Once your ITR has been filed, select the ‘I already have an EVC to E-verify my return’ option
Step 4: If you don’t have EVCs, click ‘No EVC required and would like to generate EVC.’
Step 5: Move onto the next page, where you must type in the 10-digit EVC.
Access the acknowledgement once all the details in your return are successfully validated.
Through the EVC method, one can E-verify ITR without necessarily linking Aadhaar with PAN. This affirms that the tax return filing is authentic and allows for validating the tax returns through electronic means. If the Aadhaar OTP does not work or you have not registered for EVC, another way is to forward a physically signed ITR-V to the CPC manually.
The Aadhaar OTP e-Verification of Income Tax Returns (ITRs) is a secure method that makes validating tax returns fairly easy and efficient. This paperless approach makes verification easier and complements the government’s drive to prolific digitisation.
The last and most crucial step in the filing process is the E-verification using Aadhaar OTP, making the declaration valid and correct according to the law on the tax filing procedure.
FAQs about e-Verifying ITR Using Aadhaar
I have filed my return for over 120 days now. Can I still review it online?
Yes. You should file a request for condonation of delay according to the guidelines outlined in the Service Request user manual, which should include a proper reason for the delay. However, the return shall be taken to have been verified only where the Income Tax Department has approved the condonation request.
My registered mobile number still needs to be updated with my Aadhaar. Can I still E-verify my return using my Aadhaar OTP?
No. You should link your mobile number with Aadhaar to E-verify your return using Aadhaar OTP.
What is EVC?
An Electronic Verification Code (EVC) is a 10-digit alpha-numeric code received on the mobile number and email ID provided when registering for e-filing or E-verifying your Income Tax account, bank account, demat account, etc. It has a 72-hour validity from the time it was generated.
What can be done if the ITR-V is rejected?
The reason for rejection is available on your e-filing dashboard. You can review it to understand why you were rejected. You may submit another ITR-V, or you can also use the E-verify ITR option online.
What are the advantages of the E-verification scheme?
It enables taxpayers to adjust their income, which they may have omitted or declared inaccurately while filing the ITR.
Is it mandatory to e-verify the ITR?
Now, you must verify your ITR within 30 days of filing it.
What is the penalty charged for not E-verifying the ITR?
As per the present rules of Income Tax, if one fails to ‘verify the ITR’ within the prescribed time, a penalty of ₹5,000 will be levied.
When should one file ITR?
The ITR filing is due on July 2024, but the best time is between May 31 of the particular year and the due date. This period enables one to claim relief provisions like loss set off, loss carry forward, and other rebates depending on one’s status.
What income is exempt from tax?
Any person under 60 is exempt up to ₹2.5 lakh. Senior citizens over 60 but below 80 have been provided an exemption of up to ₹3 lakh, and super senior citizens above 80 have been given a complete exemption of up to ₹5 lakh.
Which item is exempt from income tax in India?
Pension received, insurance, and provident funds are specifically exempted from tax in India.