The due date for filing your income tax return is just a week ahead and most of us have already filed our income tax returns. However, just filing the ITR doesn’t complete the process of the tax return. It is mandatory to verify the income tax return once the submission has been made. The income tax return processing starts only after it is re-verified by the taxpayer. Once the filing of the ITR is done, you will get 120 days to verify it.
There are a number of ways how you can verify your tax return file. There are mainly five ways provided by Income Tax Department for the e-verification: Aadhaar OTP (One-Time Passcode), bank ATM, bank account, demat account and net banking. Till a few years back when the taxpayer used to file ITR manually, the verification was also done in the same way. The ITR verification was done by sending a duly signed ITR-V form to the Centralized Processing Centre (CPC) of the respective city or town.
Here Is a Brief Explanation Of The Methods Of E-Verifying ITR
E-Verification Through Aadhaar OTP
The e-verification of ITR through Aadhaar is a very simple way to make your job done. In order to do the same, the user has to log into the e-filing portal. To avail this facility, your Aadhaar must be linked with this portal. In this portal, you are to click on ‘Generate Aadhaar OTP to e-Verify my return‘. Once the Aadhar is authenticated and linked, you will receive an OTP to your registered mobile number as well as in registered e-mail address. This OTP will be valid for the next ten minutes. Once you submit this OTP, your verification will be considered as completed. At the completion of e-verification, you can download the acknowledgement from registered email address.
E-Verification Through Bank ATM
The verification of ITR can be done by using an ATM too provided your bank is registered with IT department and authorized to provide EVC ( Electronic verification code). If your bank is a registered one then you can use this method too. If you are not comfortable in login to your net banking account to generate EVC then this option can be used. In this method, you are to log into an ATM booth by using your ATM card. Once you are logged in, you are to select the option saying ‘PIN for e-filing‘. Selecting this option will make your registered mobile number receive an SMS containing the EVC. This EVC can be used to verify your income tax returns on the government portal.
E-Verification Through Bank Account
Just like an ATM, one can generate EVC using the bank account too. Once again, to use this method your bank must be registered with the IT department. To use this method you are to log into the e-filing portal where you should to the profile setting. In the section, you are to ‘pre-validate’ your bank account so that it can generate EVC. You are to feed the required bank details such as your bank’s name, account number, IFSC code, and the mobile number registered with your bank. The pre-validation cannot be successful if your PAN and name don’t match with the records of the bank account. Once the pre-validation is done successfully, you are to select ‘Generate EVC‘ option under the ‘My Account‘ tab. Your EVC will be generated and sent to your registered mobile number.
E-Verification Through Net Banking
One can e-verify ITR using net banking too. If you have the facility of net banking and your bank is registered with the IT department, you can even use this method. To use this method, you are to log into your bank account using net banking. On the bank’s website, you will find a link saying ‘e-filing’ which generally comes under the ‘Tax’ tab. Clicking to this link redirects you to a particular section on the Income Tax Department’s e-filing portal. In that e-filing portal, you will find the tab of ‘My Account‘. After clicking on that tab, you are to click on ‘Generate EVC‘ option. You will receive the EVC in your mobile via SMS. The code is valid for 72 hours.
E-Verification Through Demat Account
If you have a demat account, you can verify your ITR using the same. The process of verification is similar to the process of obtaining ECV through the bank account. Before you verify your ITR, you are to pre-validate your demat account. You are to go to the profile setting and give the required data such as registered mobile number, email ID and the depository name, i.e., NSDL or CDSL. It generally takes one to two days to validate the demat account. Once the demat account is validated, you can use the same to generate EVC. To generate EVC through demat account, you are to log into your e-filing account. Here you are to select ‘Profile Setting‘ section and choose “EVC using DEMAT account” as verification mode. You will receive the ECV in the mobile number registered with the demat account.