It is necessary to verify the ITR to complete the tax filing process.
On verification of ITR, Income Tax Intimation sends notice and issues refund.
The return needs to be verified within 30 days from the date of filing of ITR.
New Delhi. Income tax return (ITR) verification is a must for people filing income tax. More than 1.8 crore income tax returns have been verified till 31 July 2022. It is necessary to verify the ITR to complete the tax filing process. Once the return is verified, the Income Tax Department processes the ITR. After this, the Income Tax Intimation sends the notice and issues the refund.
According to data available on the Income Tax website, more than 4.02 crore ITRs were verified out of a total of 5.82 crore returns filed till July 31, which was the last date for filing ITRs for taxpayers. These accounts were not required to be audited. The Income Tax Department had converted 3.01 crore verified ITRs till July 31.
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Till when can ITR verification be done?
With effect from August 1, the Income Tax Department, through a notification dated July 29, has reduced the deadline for e-verification or submission of hard copy of ITR-V to 30 days. This means taxpayers now need to verify their returns within 30 days from the date of filing to complete the process. According to the notification, in respect of any electronic transmission of return data on or after the effective date of this notification, the time limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting.
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Why is ITR verification necessary?
ITR verification is necessary to complete the return filing process. If the ITR is not verified within the stipulated time, the return filed is considered invalid. If a person is not able to verify the return within the stipulated time, he can file a condonation request in the Income Tax Department stating the reason for the delay.
How to Verify ITR?
ITR can be easily verified through OTP registered with Aadhaar on mobile, netbanking and offline also. For e-Verification through Aadhaar OTP, log in to the e-filing account on the Income Tax website and click on ‘e-Verify Return’ that appears in the e-File tab. Here you can select the mode of e-verification and complete the process. For offline verification, you need to print the ITR verification form and send it by speed post to the Income Tax Department office in Bengaluru.
Tags: business news, Business news in hindi, ITR, ITR filing
FIRST PUBLISHED : September 28, 2022, 14:16 IST