ITR Verification: By December 31, 2022, the ITR Verification Deadline is about to end for those who file belated income tax returns (Belated ITR). Those who file belated or revised ITIR till December 31 have time to verify till January 31, 2023.
Earlier the time for verification was 120 days, but now it has been reduced to 30 days. If you have filed your ITR but have not yet verified it, do it otherwise the problem may increase later.
Why is it necessary to do ITR verification?
As per the rules of the Central Board of Direct Taxes, you need to verify the ITR within the stipulated time, else your income tax return will be treated as invalid and your ITR filing will be useless. The details you have filed in ITR have to be verified, without this your ITR is not valid. You also have the option to e-verify your ITR. In case of not verifying, ITR filing goes in vain, you may also have to face legal action. A fine ranging from Rs 1,000 to Rs 5,000 can also be imposed on you.
ITR Verification Methods: How to do ITR verification?
You can do ITR verification both online and offline. In offline verification, taxpayers have to give self-declaration.
How to e-verify ITR?
There are six ways to e-verify – OTP on registered mobile from Aadhaar, through Bank Account Generated EVC, through EVC through Demat Account, through EVC through ATM, through Netbanking and through Digital Signature Certificate .
Prerequisites for e-verification
To do online verification, you have to fulfill certain conditions. For example, you should already have a valid user ID and password on the e-filing portal. Acknowledgment number should be there for e-verify without login on the portal. To e-verify, either you have filed your return yourself or e-Return Intermediaries or ERI have filed returns for you.