The deadline to file your income tax returns is only a few days away. If your tax returns have not been filed your already, please ensure to do so before July 31, 2017. Remember, the income tax returns filed will not be valid unless you verify it.
A few years back, there were only two routes available to verify your tax returns. You could verify the returns using a digital signature (or Digitally Signed Certificate) or by sending the signed physical tax return form to the Centralised Processing Centre (CPC) of the I-T department.
Now, in addition to these methods, you can electronically verify (e-verify) your returns. To get the e-verification done, you will need to first generate an Electronic Verification Code (EVC). This code can be generated through multiple means such as using your Aadhaar number, Net-banking account, or even your demat account. Using this EVC, your income tax returns can be authenticated.
Personal FN will now elaborate on the different ways to e-verify your returns.
You would have e-filed your income tax returns through one of two routes
- Filling the form offline
- by entering your data online.
We have explained both the processes in detail here.
After you prepare and submit the form through either means, you will get a window to ‘e-Verify Return’ as below –
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
To use ‘Option 1’, you will first need to generate an EVC. While there are multiple ways to generate and e-verify your returns. Out of the seven different ways, the first two options below are the most convenient ways to verify your return.
- e-Verify using Aadhaar OTP
- e-Verify using EVC sent to Registered Email Id and Mobile Number
- e-Verify using EVC generated through Net Banking
- e-Verify using EVC generated through Bank Account Number
- e-Verify using EVC generated through Demat Account Number
- e-Verify using EVC generated through Bank ATM
- Download the ITR-V and send it to the Income Tax department by post
To generate an Aadhaar OTP, your PAN and Aadhaar must be linked. This is now mandatory and you can complete it in a few easy steps outlined here.
On the e-Verify return page, click on the option stating, ‘I would like to generate Aadhaar OTP to e-Verify my return’.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
A One-Time Password (OTP) is generated and sent to your registered mobile number.
Enter the OTP as displayed and click on the ‘Submit’ button.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
On the verification being successful, you will receive a confirmation message as below:
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
This option is only available for those whose income is less than Rs 5 lakh, and where the refund or tax payable is less than Rs 100. Also, the email id and mobile number should be registered only to the PAN for which the income is being filed. Therefore, if your email id or mobile is registered against the PAN of a family member, this option will not be available.
If eligible, you can e-verify your tax returns as exhibited below.
On the e-verify return page, select the second option, ‘I do not have an EVC and I would like to generate EVC to e-Verify my return’.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Opt for the last option to generate ‘EVC – To Registered Email Id and Mobile Number’
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
You will get a confirmation message that your EVC is successfully generated. Once you receive the alpha-numeric verification code, enter it in the textbox provided and submit.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
You will receive a message that your return is successfully verified as seen in the first method.
If your bank is among the list of banks through which you can login to your Income Tax e-filing account, you may use this option. Here is the list of banks providing the e-filing login facility. The process to generate the EVC and verify your returns is explained below.
On the e-verify return page, select the second option – ‘I do not have an EVC and I would like to generate EVC to e-Verify my return’.
In the popup that appears, opt for the first option to generate ‘EVC – Through Net Banking’
You will see a step-by-step process explaining how to generate the EVC.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Click on the ‘Continue’ button. You will be logged out of the e-Filing portal and will be redirected to the list of banks available for Net Banking Login.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Select your bank from the list and login using the Net banking credentials. This is displayed on screen below after login.
Click on the e-Verify link in the last column. You will get a confirmation popup as shown below:
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Click on ‘Continue’ to complete the e-verification process. You will receive message that your return is verified, as seen in the first method, if it is successful.
Before you use this option, ensure that your name on the bank account matches with the Income Tax records. Also, the same registered mobile number must be updated in both places.
On the e-verify return page, select the second option – ‘I do not have an EVC and I would like to generate EVC to e-Verify my return’.
In the popup, opt for the first option to generate ‘EVC – Through Bank Account Number’.
If Bank Account Number is not pre-validated, the screen displayed below appears.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Click ‘Prevalidate your Bank Account’. A form will appear as shown below:
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Enter the mandatory details as required, and click on pre-validate. On success, you will get the below popup message. Click on ‘Yes’ to generate the EVC, which will be sent to your mobile number.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Enter the EVC in the text box provided and submit to complete the e-verification process.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
You will receive a message that your return is successfully verified, as seen in the first method. Once your bank account number has been pre-validated, the next time you wish to e-verify your returns, the EVC can be generated directly through this option.
This process is similar to generating an EVC using your bank account. Here again, ensure that your name with your bank account exactly matches that with the Income Tax records. Also, the same mobile number must be updated in both places.
On the e-Verify Return page, select the second option – ‘I do not have an EVC and I would like to generate EVC to e-Verify my return’.
In the popup, opt for the first option to generate ‘EVC – Through Demat Account Number’
If Demat Account Number is not pre-validated, the below screen appears-
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Click on the ‘Prevalidate your Demat Account’ tab. A form will appear as below –
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Enter the mandatory details and click Prevalidate. On success, you will get the popup message shown below. Click on ‘Yes’ to generate the EVC, which will be sent to your mobile number.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Enter the EVC in the text box provided and submit to complete the e-verification process. You will receive a message that your return is verified as seen in the first method successfully.
Once your demat account number is pre-validated, the next time you wish to e-verify your returns, the EVC can be generated directly through this option.
Only certain banks provide this facility though their ATMs. You will need to check if this is available through your bank. As per reports, SBI, Canara Bank, and Axis Bank, already provide this to their account holders.
Visit the bank ATM. After swiping your card and entering the PIN, along with the other menu options, you will get an extra option of ‘PIN for income tax filing’.
On selecting this option, the EVC is sent to the registered mobile number.
Login to the income tax e-filing portal, view the ITR form pending for e-verification under the ‘My Account’ > ‘e-Verify Return’ section tab.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
You will get the list of options to e-Verify your return as shown below:
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
Select Option 1 – ‘I already have an EVC to e-Verify my return’.
Enter the EVC received on your mobile number in the text box provided and click ‘Submit’.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
A success message will be displayed on the screen, as seen in the first method. No further action is required.
You can use this option if you do not wish to verify your returns electronically or if for some reason you wish to e-verify your tax returns later.
On the e-Verify Return page, select the fourth option – ‘I would like to Send ITR-V / I would like to e-Verify later’.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
You will get a popup as below. This outlines the step-by-step process in case you may wish to e-verify the returns at a later stage. Click on ‘Continue’ tab.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
A success message will state that your income tax returns has been successfully uploaded. You will get an option to download the ITR-V form. You need to take a print of this form, sign it and send it to the address provided.
(Source: incometaxindiaefiling.gov.in, PersonalFN Research)
You need to send this document only by ordinary post or speed post within the time limit of 120 days from date of upload, for your return to be treated as a valid return. You may also choose to e-validate your return within the same period.
As you can see, the process to verify your returns is very user friendly. There are multiple options available and you may choose the one most convenient to you.
PersonalFN is of the view that you must always file your tax returns on time and ensure your taxes are paid before the due date.
It is equally crucial to set up a tax plan well in advance. Tax planning as an exercise is not just limited to filing returns and paying taxes. It is a process where you focus on the larger financial plan after accounting for your age, financial goals, ability to take risk, and investment horizon (including nearness to financial goals).
You can appoint a financial planner or a financial guardian to suggest the best tax-saving products that help you save tax and align them to achieve your financial goals as well. It would therefore be worthy to reach out to a Certified Financial Guardian – a mark of trust and respect, who can prudently counsel and handhold you to streamline your personal finances.
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