New Delhi: An income tax return is a document required by law to report your income, profits, losses, deductions, and details about any tax refund or liability. While filing your ITR may seem daunting, modern technologies like e-filing websites and Demat Accounts have made it much simpler. Take advantage of these tools to file your returns easily.
The final step in filing your income tax return (ITR) is verification. Previously, e-verification had to be completed within 120 days, or else the ITR would be invalid. However, the CBDT has now reduced this time limit to 30 days from the date of return submission, effective for returns filed online on or after August 1, 2022. E-verification is the quickest and most convenient method. If you prefer not to e-verify, you can still verify your ITR by sending a physical copy of the ITR-V.
Check here the step-by-step guide to e-verify income tax returns through the Demat Account.
How To e-verify Income Tax Return Through Demat Account:
Step 1: Begin by visiting the homepage of the e-filing portal and selecting “e-Verify Return.”
Step 2: Next, choose “EVC through Demat account” and proceed by clicking on “continue.”
Note: You will receive an EVC on your mobile number and email ID, both of which must be registered with your pre-validated and EVC-enabled Demat account.
Step 3: Enter the received EVC and click on “e-Verify.”
Step 4: Your return will then be successfully verified.
Note: The option for EVC through a Demat Account can only be generated if the Demat account added is validated and EVC enabled.
You will receive the EVC on your mobile number or email ID only if they are verified by NSDL/CSDL.
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Other Ways To e-verify Income Tax Return:
- Aadhaar OTP
- Bank account
- Net Banking
- Bank ATM
- Sending signed ITR-V/Acknowledgement receipt
Verifying Your Income Tax Return (ITR) Is Crucial For Several Reasons:
Compliance: It ensures compliance with tax laws and regulations mandated by the government.
Validity: A verified ITR is considered valid by the tax authorities, ensuring that your tax filing process is complete.
Processing: Verified returns are processed faster by the tax department, leading to quicker refunds or resolution of tax liabilities.
Avoid Penalties: Failure to verify your ITR within the specified time frame may result in penalties or notices from the tax department.
