Do you want to verify your income tax returns after uploading? You are confused about it? If you don’t know about it? Don’t worry! You have come to the right place at USTAXFiling.in where we will help you to understand how to verify your income tax returns after uploading it.
6 tips to verify you ITR after uploading
An income tax return is nothing but a document that is filed according to the provisions of the income tax act, reporting one’s earning, profit and losses and other deductions as well as information about tax liability or tax refund. The due date for all income-tax return payers or taxpayers for the financial year 2019-2020 is extended from 31 July 2020 and October 31,2020 to 30 November 2020 now to give relief to taxpayers because of the current COVID19 outbreak. The CBDT or Central Board of Direct Taxes has notified and released different Income tax returns forms for various purposes.
What do you mean by verification of returns?
- After filing your ITR or Income tax return, the next step is to verify it
- Only uploading the ITR alone does not finishes the return filing process. It is compulsory to verify the Income-tax return to complete the process of filing
- The income tax department processes an income tax return, once it is verified.
- If there are any refunds then they are processed for returns that are submitted and verified.
Who can verify an ITR?
Every income tax return that is filed must be compulsorily signed by the right person (who is authorized by tax law or expert) confirming that the details given in the return are appropriate and as per the income tax law and confirms that she/he is the competent person to make and verify the income tax return. As per section 140, an income tax return should be verified:
In the case of an individual:
- By the person himself
- If he is not present in India, by the person himself or by some individual who is duly authorized to file on his behalf
- Where he is mentally incapacitated from attending, hence it must be filed by his guardian, another individual who is competent to act on his behalf
- The person can’t verify his income tax return, so must be filed by any individual duly authorized on his behalf.
In the case of Undivided Hindu Family:
By the Karta and if he is mentally incapacitated or he is not present in India from attending his affairs then the income tax return should be filed by any adult individual of his or her family.
In the case of an Indian Company:
By the managing director of the company or where for any unavoidable reason if he is not available to file the return or managing director is not thereby any director thereof.
In the case of a Foreign Company:
By an individual holding power of attorney from the company to verify and sign the income tax return
In the case of a Firm:
By managing partner and if he is not available to verify and sign the income tax return for some reason then a partner who is not minor can verify the income tax return.
Limited Liability Partnership (LLP) case
By the designated partner and if he is not available for any reason then any partner can sign and verify the income tax return or if there is no designated partner.
In the case of any Association
By the principal officer or any member of the association can verify and confirm the income tax return.
In case of a Company which is being wound up or where an individual has been appointed as receiver of assets of the company
By the individual who is the appointed receiver of assets of the organization or by the liquidator.
In case of a Company whose application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under (IBC) Insolvency and Bankruptcy Code, 2016
By the insolvency professional or individual decided by Adjudicating Regulatory.
How can an ITR be verified?
In respect of income tax return which is filed electronically by the taxpayer without a digital signature, the taxpayer must verify it by using any one of the following ways within 120 days of uploading the income tax returns:
1.Generating EVC via Bank Account
- The income tax authority allows the verification of income tax returns using the bank account. And the facility is available for selected banks
- You must pre-validate it to verify your income tax returns
- You have to go to the profile settings in your e-filing account to pre-validate your bank account
- You have to enter the required information such as your account number, bank’s name, mobile number and IFSC code
- You need to enter your mobile number that is present in the bank’s history
- If the PAN and name details match in the bank account records then your pre-validation will be successful
- After pre-validation of bank account is done, you have to select ‘Generate EVC’ feature under the ‘My Account’ tab
- After that, a code is sent to you on your mobile number
- You have to select ‘e-verify’ option in ‘My Account’ section and enter the code
- No change of email or mobile number as mentioned will be permissible without revalidation of the bank
2.By an Aadhaar-based OTP
- To verify the income tax returns using the Aadhaar-based (OTP) or one-time password, the assessee’s mobile number must be linked to Aadhaar and registered (UIDAI), Unique Identification Authority Of India information and the assessee’s PAN details must be linked with Aadhaar details
- You have to go to ‘My Account’ section and click on ‘e-verify’ return and select the feature, ‘I would like to generate Aadhaar one time password to e-verify my income tax return.
- You will receive a six-digit one time password will be sent to your registered mobile number.
- You have to enter the one time password received in the box where it is needed and click on submit option
- After submission, your income tax return will be verified.
3.Verifying tax-returns through Demat account
- If you have a Demat account then, you can use your Demat account to check your income tax returns
- You should pre-validate your Demat account first to verify your income tax returns
- Select profile settings option and enter the needed information such as email ID, your depository name whether CDSL or NSDL and mobile number
- You should enter the email ID or mobile number attached to the Demat account.
- The process of pre-validation is automatic.
- If there is any issue then it is communicated to you through email.
- You can use your Demat account to generate EVC after depository verifies your details
- Select the ‘Generate EVC’ feature through your Demat account number
- You have to enter the EVC received by you on your registered number to verify your income tax returns.
- One cannot change their email id or mobile number details without revalidating it with the depository.
4.Generating EVC through your bank ATM
- The income tax department provides the facility to generate code via selected bank ATM’S.
- The facility is only for specific banks
- Visit your bank’s ATM to generate EVC and swipe your ATM card
- You have to select on the ‘Pin for income tax filing’ option
- An EVC will be sent to the registered number
- You have to log in to your e-filing account on the income tax site
- Select ‘e-verify returns’ option and then select the income tax returns to verify it and select the feature ‘ Already generated EVC via bank ATM
- After that enter, the EVC and your income tax return will be verified.
5. Generating EVC via net-banking
- To verify your income tax returns using the facility of Net Banking, you have to log in to your bank account on the bank’s website. Choose the e-verify feature which is under the ‘Tax’ option
- You will be directed to the e-filing website of the income tax authority
- After that click on the ‘My Account’ feature and choose ‘Generate EVC’ feature.
- A code will be sent to your mobile number and email
- Go to the ‘e-verify’ feature option under the ‘My Account’ tab to verify your income tax return. Choose the feature ‘I have EVC already’
- You have to enter the one time password or OTP you have received on your number linked with the bank. You have to click on the ‘submit’ option and your income tax income will be verified.
6.Sending signed ITR-V/Acknowledgement receipt
- If one cannot verify your income tax returns using any of the electronic ways, then you can send a signed copy of income tax returns-V (Acknowledgement receipt) to the income tax department
- Income tax return verification or ITR-V is one-page document should be signed in blue ink. It should be sent through speed post or ordinary post. One cannot courier income tax returns verification of ITR-V
- No supporting documents are needed to be sent along with the income tax returns verification of ITR-V
- You will receive intimation through SMS on their smartphone or email ID once their income tax returns are received by the income tax department
- The intimation is only acknowledgement of income tax return verification or ITR-V, the intimation for income tax return processing is separate.
It is important to understand that uploading of return of income alone does not complete the income tax return filing process. You must verify your income tax return to complete the process of return filing.
USTAXFiling.in offers the best help to verify your income tax returns after uploading it. Our USTAXFiling.in experts are available to help you anytime to verify your income tax returns after uploading it as well as e-filing your income tax returns. Connect USTAXFiling.in right now for more details.