ITR Verification Deadline To End Soon: How to e-Verify, What Happens In Case Of Delay, Other Details

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MAS Team | 27 August 2022

After filing an income tax return (ITR), the next step is verification. While the last day to file ITR without penalty ended on 31st July. The deadline to e-verify the filed returns will end soon. Earlier, the income tax department used to allow 120 days to e-verify ITR. However, this has now been reduced to 30 days.

In a notification issued on 29 July 2022, the Central Board of Direct Taxes (CBDT) stated that this new rule regarding ITR verification will be effective from 1 August 2022. The CBDT notification also stated that the reduced time limit of 30 days is applicable to ITRs filed on or after 1 August 2022; for individuals who have filed ITRs on or before 31 July 31 2022, the time limit to verify continues to be 120 days.

The latest notification by CBDT also states that if an individual verifies the ITR after 30 days (i.e., the new time limit), then in such cases the date of e-verification/ITR-V submission shall be treated as date of furnishing the return of income. Further, all the consequences of late filing of return under the Income Tax Act, 1961 will apply including the penal consequences as well.

Why is verification of ITR important?

After filing ITR, whether offline or online, it is important to verify the return. In case the verification is not done, ITR is not regarded as legal and will not be processed by the income tax department. As a result, taxpayers will not receive refund (if any).

In fact you are likely to have to pay upto Rs5,000 penalty if you miss the deadline for verifying your income tax return unless you are filing belated ITR and have to pay the penalty in any case.

e-verification is the most convenient and instant way to verify ITR.

What are the ways to e-verify your ITR?

I-T Department offers five ways to verify an ITR — net banking, bank ATM, Aadhaar, bank account, and demat account.

Can an authorised signatory/representative assessee e-verify the return on your behalf?

Yes. The person can do so by using any of the methods to verify.

How will you know that verification is complete?

A success message will be displayed along with a transaction ID. Also, an email will be sent to your email ID registered with the e-filing portal.

My demat/bank account is inactive, can you e-verify the return with this account?

No. You need to have an active demat/bank account which needs to be pre-validated and EVC-enabled on e-filing portal to e-verify your return using your demat/bank account.

Will delay in e-verification attract any penalty?

If you do not verify in time, your return is treated as not filed and it will attract all the consequences of not filing ITR under the Income Tax Act, 1961. However, you may request condonation of delay in verification by giving appropriate reason.

If your condonation (of delay) request is accepted, then you can verify your ITR. If condonation request is rejected, then your ITR will be considered as if not filed and you will have to file it again as a belated ITR. A late fee of upto Rs 5000 has to be paid for filing belated ITR for which you would have 30 days for verification as it would have been filed post- 31 July 2022.

What are the steps to verify returns?

Here are the steps to verify ITR using net banking:

Step 1: Log into the net banking account

Step 2: Click on the 'e-filing' link provided by the bank

Step 3: Click on the 'e-File' tab and select 'Income Tax Return' from the drop-down

Step 4: Select the 'Assessment Year', 'ITR For Name', 'Submission Mode' and click 'Continue'

Step 5: Submit the return

Here are the steps to verify income tax returns using a bank ATM:

Step 1: Swipe ATM card in bank ATM

Step 2: Select 'PIN for e-Filing'. Electronic Verification Code (EVC) will be received on the registered mobile number

Step 3: Log into the e-filing portal-- incometaxindiaefiling.gov.in. Select the option to e-verify return using bank ATM

Step 4: Enter EVC on the e-filing portal. Income tax returns are verified

Here are the steps to verify ITR using an Aadhaar card:

Step 1: Go to the e-filing portal

Step 2: Click on 'e-File' tab and select 'Income Tax Return' from the drop-down

Step 3: Select the 'Assessment Year', 'ITR For Name', 'Submission Mode' and click 'Continue'

Step 4: Click “Generate Aadhaar OTP”. OTP will be sent to the mobile number registered with Aadhaar

Step 5: Enter the OTP and click “Submit”

Here are the steps to verify income tax returns using a bank account:

Step 1: Log into the e-filing portal

Step 2: Pre-validate bank account (if not validated)

Step 3: Click on the e-verify link, select the option to e-verify using bank account details and generate OTP

Step 4: EVC is received on the registered mobile number. Enter EVC on the e-filing portal. Income tax returns are verified

Here are the steps to verify income tax returns using demat account:

Step 1: Log into the e-filing portal

Step 2: Pre-validate demat account number

Step 3: Click on e-verify link, select the option to e-verify using demat account details and generate OTP

Step 4: EVC is received on the registered mobile number. Enter EVC on the e-filing portal. Income tax returns are verified.

In case an individual opts for physical verification of ITR (i.e., by sending ITR-V to CPC, Bengaluru via post), then the date of dispatch of speed post/ordinary post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the data of income-tax return electronically.

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