If this work is not done after filing ITR, then all the hard work will go in vain! Know what the rules are

If you have filed your Income Tax Return (ITR), your work is not quite over yet. Filing returns is just the first step in the tax process. According to the rules of the Income Tax Department, it is equally important to verify the return after submitting it. Unless you verify your ITR, the Income Tax Department does not take any action on it and your refund may also get stuck.

Why is it so important to verify ITR?

After filing the return, the Income Tax Department gets your information, but its actual processing starts only after your verification. From August 1, 2022, the Income Tax Department has reduced the time limit for verification to only 30 days, which earlier used to be 120 days. If you do not verify your return within this 30 day deadline, your ITR will be declared invalid. This means you may have to file returns with late fees again.

5 easy ways to verify ITR online

In today’s time, you do not need to go anywhere for verification, e-verification is the fastest and safest method. You can do this most easily through Aadhaar OTP. If your mobile number is linked to Aadhaar, verification will be done within minutes by entering the OTP. Additionally, if your bank or demat account is already validated on the e-filing portal, you can also complete the task by generating an Electronic Verification Code (EVC). ITR can be verified without OTP by directly logging in through net banking of authorized banks. At the same time, big businessmen and professionals can also do e-verification using Digital Signature Certificate (DSC).

How will I know whether the verification is complete or not?

As soon as your e-verification is completed successfully, a success message and transaction ID will appear on your screen. Along with this, a confirmation email will also be sent to your registered email ID from the Income Tax Department, so that you can be rest assured that your verification has been completed successfully.

There is also option for offline verification

For those who do not want to join the online process, the offline route is also open for them. For this, you will have to take a print out of the ITR-V receipt, sign it and send it to the address of Centralized Processing Center (CPC), Bengaluru within 30 days. However, e-verification is considered better because there is no risk of mail getting lost or delayed.