The last step to confirm the submission of an ITR is verification, which also initiates the review of the ITR by the tax department. The department checks the return and sends back a notice under Section 143(1) of the Income Tax Act 1961. It indicates you have correctly paid your taxes as per the department or you should start paying some amount to the department.
The important reason it has gained favour over the physical methods is speed and instantaneous results. Nowadays, unlike the era when indeed one must wait for the submission process to finish, post one's sending of the ITR-V form by post, this mode of filing is giving instant verification, therefore helps processing the return without any delay tremendously. This lessens the procedure, as it does not need printing, signing, and posting of forms, thus helping in eco-friendly tax filing.
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Common Online Verification Methods
There are various online processes that offer various choices that match different preferences of the taxpayer. Some of the steps include:
1. The Aadhaar OTP is a very simple and hassle-free process. The requirements here are the PAN, acknowledgment number, and a registered Aadhaar linked with a mobile number. Mailing an OTP is done for verification of your identity from the e-filing portal.
2. Electronic Verification Code or EVC, which is generated through a pre-validated bank account or demat account linked to the income tax portal. Currently, some banks are offering a facility to generate an EVC directly through an ATM, which gives yet one more level of comfort in the process.
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Why Early Verification Needs to be Ensured
CBDT has curtailed the window of verification to the end of 30 days from the date of filing for timely compliance. Any delay past this period in completing these steps may render the return invalid, with delays and penalties under tax laws becoming a possibility.
Verifying the ITR submission online makes the process easy, hassle-free, therefore saving time, thus keeping oneself adherent to the authorities' deadlines. This puts their minds at rest because their tax obligations are essentially met, and in relation to their tax return, there is nothing else that will bother with.
