To finish the Income Tax returns (ITR) filling process, an individual is required to verify it. The verification must be confirmed inside 120 days of filling. Verification should be possible carefully (utilizing Aadhaar, one time password and so forth.) or by sending the physical copy of ITR-V to the Central Processing centre, Bengaluru, of the income tax division. On the off chance that you have not verified your income tax returns (ITR) for assessment years 2015-16 to 2019-20, at that point you have time till September 30th as the income tax department has given a one-time relaxation to taxpayers who have not yet checked their e-filled tax returns. Once filled, ITRs should be verified by the taxpayer to finish the Income Tax return filling process.
An ITR recorded yet not verified is treated as an invalid return by the income tax department. An invalid return would imply that you have not documented the ITR for a specific evaluation year. All things considered, you would be required to record the ITR again as remiss return in light of the fact that your original one is treated as invalid.
Some key points you need to keep in mind:
1) The time of relaxation is a one-time measure material for the last five assessment years – 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 in particular.
2) The relaxation will not have any significant bearing in those cases, where the Income Tax division has just taken plan of action to different measures for guaranteeing filling of tax returns form by the taxpayers worried in the wake of proclaiming the arrival as Non-est.
3) A taxpayer filling up income tax forms (ITR) electronically without computerized or digital signature needs to confirm it utilizing either Aadhaar one-time secret word (OTP), or signing into e-filing account through net banking, or by Electronic Verification Code (EVC) or by sending an appropriately marked physical document of ITR-V through post to CPC Bengaluru inside 120 days of uploading the ITR.
4) By and large, ITRs filled by people got invalid due to non-culmination of verification process. Thus tax refunds, if any asserted in those ITRs additionally stalled out. By this request, the government has not just relaxed up the timeline events permitting taxpayers to check their previous years’s invalid ITRs by 30th September yet in addition permitted preparing of such past ITRs by 31 December 2020.
Six ways by which you can verify your old ITR:
1)By means of Aadhaar-based OTP :
To verify your ITR utilizing the Aadhaar-based one-time secret password (OTP), your portable number must be connected to Aadhaar and enlisted as such in the Unique Identification Authority of India (UIDAI) database and your PAN must be connected with Aadhaar.
Go to ‘My account’, and snap on ‘e-verify return’ and select the choice, ‘I would like to generate Aadhaar OTP to e-verify my return.’ A SMS with the 6 digit OTP will be sent to your enlisted mobile number.
Enter the OTP got in the container where it is required and click on submit. On effective submission, your ITR will be verified. One must recall that the Aadhaar based OTP is legitimate just for 30 minutes.
2) Producing EVC by means of Net-banking :
Before signing in to your bank account, guarantee that you are not as of now logged in on the e-filing site. Your PAN must be enrolled with the bank also.
To confirm your ITR verification using Net banking office, login to your account on the bank’s site. Select the e-verify alternative which is normally under the ‘TAX’ tab. You will be diverted to the e-filling site of the income tax division.
Snap on the ‘My Account’ tab and select ‘Generate EVC’ choice. A 10-digit alpha-numeric code will be sent to your email and mobile number. This code is legitimate for 72 hours. Presently, go to the ‘e-verify’ alternative under the ‘My account’ tab to verify your return. Select the alternative ‘I have EVC already’.
Enter the OTP that you have gotten on your portable number enlisted with the bank. Snap on ‘Submit’ and your ITR will be verified.
3) Generating EVC with the help of bank account:
To verify your ITR utilizing your bank account, you should pre-validate it. Go to the profile settings in your e-filling record to pre-validate your financial account. Enter the necessary subtleties, for example, your bank’s name, account number, IFSC code, and portable number. You are required to enter your mobile number that is there is in the bank’s records.
The pre-approval will be effective just if your PAN and name matches with the financial account records. Once pre-validation of account is done, select ‘Generate EVC’ choice under the ‘My Record’ tab. A code will be sent to you on your portable number. Select ‘e-check’ in ‘My account’ tab and enter the code.
One must recollect that no difference in mobile number or email as referenced will be allowable without revalidation of the bank.
4) Checking tax returns through demat account:
On the off chance that you are a demat account holder, you can utilize your demat record to confirm your ITR. This strategy is like the bank account based ITR approval. You should pre-validate your demat record to check your tax returns. Go to profile settings and enter the necessary subtleties, for example, phone number, email ID, and your depository name, i.e., NSDL or CDSL. You should enter phone number and email ID which is connected to the demat account.
The pre-validation process is programmed and for the most part takes around 1-2 hours and on the off chance that there is any blunder, at that point it is imparted to you through email. You can utilize your demat record to create EVC simply after your subtleties are approved by your safe. Go to ‘Generate EVC’ choice and select ‘Generate EVC through Demat account number.’ Enter the EVC got by you on your enlisted mobile number to effectively confirm your ITR.
Keep in mind, here, as well, you can’t change your phone number or email ID without revalidating it with the depository.
5) Generating EVC via bank ATM
To produce EVC, visit your bank’s ATM and swipe your ATM card. Snap on the ‘Pin for Income Tax filling’. An EVC will be sent to your enrolled phone number. This EVC is legitimate for 72 hours. Login in to your e-filing account on the income tax site.
Go to the ‘e-verify returns’ choice . Select the ITR to check it and select the alternative ‘Already Generated EVC through bank ATM.’ Enter the EVC and your ITR form will be confirmed.
You should recall that in the event that you have checked your ITR utilizing any of the electronic techniques referenced above, you are not required to send ITR-V to the Income Tax department.
6) Sending signed ITR-V/Acknowledgement receipt
On the off chance that you can’t verify your ITR utilizing any of the electronic techniques referenced above, at that point you can send a signed copy of ITR-V (acknowledgement receipt) to the income tax department. In the event that you wish to send ITR-V for verification of your tax returns, recall the focuses beneath.
a) ITR-V is a one-page report which must be signed in blue ink. It must be sent either by means of standard post or speed post. You can’t courier ITR-V.
b) Address of CPC Bangalore for speed post: ‘CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka, India’.
c) You are not required to send any supporting record alongside the ITR-V.
d) You will get a hint by means of SMS on your cell phone and email ID once your ITR is gotten by the tax office. This insinuation is just for receipt of ITR-V, the suggestion for preparing of assessment form is isolated.