ITR verification: If you do not e-verify your income tax return (ITR), the filing process is treated as incomplete and your ITR becomes invalid. The income tax department has urged taxpayers to not delay and complete the e-filing process today. The failure to comply may lead to penalties, added tax department.
“Dear Taxpayers, Complete the e-filing process today! Please find below the modes of e-verification of return. Remember to verify your ITR within 30 days of filing. Delayed verification may lead to a levy of late fees in accordance with provisions of the Income-tax Act, 1961. Don’t delay, verify your ITR today!,” tweeted the income tax department.
Why is e-verification necessary
E-verification of ITRs is mandatory for it to be treated as valid. Effective August 2023, the income tax department has made it mandatory for tax filers to e-verify their returns within 30 days of filing returns.
Steps to e-verify your ITR
-Go to the income tax department’s e-filing portal. Click on ‘e-Verify Return’.
-You need to enter your PAN, assessment year for which the verification is being done (2023-24), and acknowledgment number.
-Alternatively, you can also log in with your PAN and password, then go to “My Account” and then click “e-Verify Return”.
-The new page will then display the file for which verification is pending.
The process of verifying through Aadhar OTP is fairly straightforward. One can use the OTP delivered to the mobile number registered and mapped with Aadhar to confirm and e-verify the returns.
Another simple way to e-verify is by logging into the net banking portal and navigating through the e-verify ITR segment.
Income tax refund: Govt plans to reduce refund processing time
The income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented during the current fiscal year.
Source By: livemint
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