ITR Filing 2024: Why E-Verification Is A Crucial Step In The Process
Here is all you need to know about the e-verification process, before the July 31 deadline.
E-verification of income tax return filing is one of the most convenient ways to ensure that all steps involved in the process are complete. This essential step makes sure that the filings are deemed valid.
Verification of the ITR within the stipulated time frame can also help ensure no late fees are levied on the taxpayer.
Here is all you need to know about the e-verification process before the July 31 deadline.
Why E-Verification Is Essential
E-verification is not only crucial for the finalisation of the ITR but also plays a significant role in completing various other tax-related processes. These include:
Verification of income tax forms (submitted through the online portal or offline utility).
E-proceedings.
Refund reissue requests.
Rectification requests.
Condonation of delay in filing the ITR after the due date.
Under current income tax regulations, failing to verify the ITR by the stipulated deadline will incur a late fee of Rs 5,000. However, if the taxpayer's total income is below Rs 5 lakh, the late fee is reduced to Rs 1,000.
Benefits Of E-Verification
E-verification offers several significant benefits that make it the preferred choice for taxpayers:
No need to send physical copies: With e-verification, there is no need to send a physical copy of the ITR-V to the Centralised Processing Centre in Bangalore. This eliminates the hassle of mailing documents and ensures the verification process is entirely digital.
Instant verification: The e-verification process is instantaneous, which avoids delays associated with the transit of physical ITR-V forms. This means the ITR is verified immediately, allowing for quicker processing and refunds.
Multiple methods for convenience: E-verification can be done through various methods, like Aadhaar OTP, EVC (using a pre-validated bank or demat account), net banking, or a digital signature certificate.
Methods For E-Verification
Methods that can be used for the e-verification process are:
OTP on mobile number registered with Aadhaar: This method allows one to receive a one-time password on the mobile number linked to one's Aadhaar, ensuring a quick and secure verification process.
EVC generated through a pre-validated bank account: An electronic verification code can be generated through a pre-validated bank account, providing a seamless verification experience.
EVC generated through a pre-validated demat account: Similar to the bank account method, an EVC can be generated through a pre-validated demat account.
EVC through ATM (offline method): For those who prefer an offline approach, an EVC can be generated via ATM.
Net banking: Using net banking credentials, one can e-verify returns, making the process straightforward for regular online banking users.
Digital signature certificate: For individuals and businesses using digital signatures, the DSC method offers a secure and efficient way to e-verify returns.
