How to e-Verify your Income Tax Return Using Bank Account?

Verification is a very crucial process for the completion of Income Tax Return (ITR) filing. The Centralized Payment Centre (CPC) only processes the tax return after the taxpayer verifies it. The verification ensures the correctness and authenticity of the Income Tax Return. The Income Tax department has given the option of verifying the return either electronically or physically (i.e. by sending a signed ITR-V to the Centralized Processing Centre (CPC) in Bangalore).

To speed up ITR processing, the CBDT has reduced the time limit for ITR verification from 120 days to 30 days from the date of return submission. 

Timeline For the E-Verification of ITR 

The ITR should be verified within 30 days after the taxpayer files it. The consequences of not verifying the ITR within the stipulated time are as follows:

• The filed ITR will be considered not filed by the Income Tax department. Therefore, all the penalties related to not filing the ITR will also apply if the taxpayer fails to verify the ITR within 30 days of filing it.
• This will also cause a delay in the processing of returns by the Income Tax department and, therefore, cause a delay in the tax refunds as well.

Different Ways to E-verify Return

The e-verification of Income Tax Return can be done by the following ways:

1. Aadhaar OTP
2. Netbanking
3. Bank Account
4. Demat Account
5. Digital Signature Certificate

E-Verification of the return can be done through all the aforementioned methods. It verifies the identity of the taxpayer. You cannot DSC to e-verify if you choose e-verify later while filing the return. You can use DSC as an e-verification option if you choose to e-verify your ITR immediately after filing the return. Of the various methods of e-verification, we have discussed the process of e-verification using a bank account below:

Steps to E-Verify the Income Tax Return Using Bank Account:

Step 1: Visit the income tax e-filing website. Login to your account. If you do not have an account, first register yourself.

Step 2: After logging in, click on e-File>Income Tax Returns>e-Verify Returns.

Step 3: Click on the ‘E-verify’ button of the relevant income tax return for which e-verification is required.

• If you are e-verifying after 30 days of filing the return, submit the condonation request by clicking ok in the dialogue box.

• And enter the ‘Reason for Delay’ by selecting the reason from the drop-down. If there is any other reason, click on ‘others’ and enter the reason in the ‘Remarks’ column.

Step 4: Below options will open for e-verification. Select option ‘Through Bank Account’ under the ‘Generate Electronic Verification Code (EVC)’ title. And click on the ‘Continue’ button.

Step 5: Under the ‘Enter EVC’ text box, enter the EVC code received on your registered mobile number and e-mail ID registered with your bank account.

Step 6: A success message “Return successfully e-verified” will be displayed on the screen. Download the Acknowledgement’. This acknowledgement will also be sent to your registered email id. You have successfully e-filed and e-verified your income tax return. 

Note: To generate EVC, it is neccessary to first prevalidate your bank account. The below link will guide you how to prevalidate your bank account in the new income tax portal.

Prevalidate your bank account