The Income Tax Department has urged taxpayers not to delay and complete the e-filing process at the earliest. Through a tweet, the Income Tax Department has said that ‘in case of failure to do so, late fee may be imposed on taxpayers as per the provisions of 1961.

That’s why it is necessary to do e-verify

Explain that for the ITR to be considered valid, it must be e-verified. The Income Tax Department has made it mandatory for taxpayers to e-verify their returns within 30 days. On the other hand, the Income Tax Department is planning to further reduce the time limit for getting tax refund. According to a report in Business Standard, the tax department is considering reducing it to 10 days from the current 16 days. The new timeline is expected to be implemented during the current financial year, the report said.

Dear Taxpayers,

Complete the e-filing process today!

Please find below the modes of e-verification of return.
Remember to verify your ITR within 30 days of filing. Delayed verification may lead to levy of late fee in accordance with provisions of the Income-tax Act, 1961.… pic.twitter.com/bu7jrXLFNH

— Income Tax India (@IncomeTaxIndia) August 26, 2023

This is how to e-verify ITR

1. First of all go to the e-filing portal of the Income Tax Department. Click on ‘e-Verify Return’ here.
2. After this you have to enter your PAN number, year of e-verification and acknowledgment number.
3. Now you go to “My Account” and click on “e-Verify Return”.
4. Here a new page will open which will show that your verification is pending.
5. Please tell that the process of verification through Aadhaar OTP is very easy. One can use the OTP received on the mobile number registered and mapped with Aadhaar to verify and e-verify the return.

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From August 1, 2023, a fee of Rs 1,000 to Rs 5,000 will have to be paid for doing this work. Keep in mind that after filing ITR, it is also necessary to do e-verification. ITR filing is not considered complete without e-verification. If you have filed ITR but have not completed the work of e-verification, then settle it immediately.

In how many days it is necessary to do the work of verification

It is worth noting that after filing the income tax return, it is necessary to do the work of e-verification. For this, the Income Tax Department gives a total time of 120 days. You can verify it along with filing ITR. E-verification is an OTP based process in which you can complete the verification process through Demat account, ATM or Aadhaar only. Your return will be filed without e-verification, but it will be considered complete only when you e-verify it.

What are the methods of e-verification-

You can complete the verification work through the registered mobile number of Aadhaar.
The process of verification can be completed with you bank account.
This process can also be completed with a Demat account. You can complete this work with net banking also.

Learn step by step process of ITR e-verification

1. For this, first of all click on the e-filing portal of the Income Tax Department. Here you will get the option of e-verification, click on it.
2. Next you have to enter PAN number, assessment year and ITR acknowledgment number. After that click on the option of Continue.
3. Now a 6 digit OTP will come on your mobile number, enter it.
4. If you are doing e-verification within 30 to 120 days, then select on the OK option.
5. Next you have to enter the reason behind this delay.
6. After this, complete the process of e-verification by selecting one option from Aadhaar, Bank Account, ATM, NetBanking etc.

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The Income Tax Department is repeatedly advising taxpayers to file ITR on time. If you have not completed this work, then complete it today itself.

After filing the income tax return, it is also very important to do its e-verification. Without this ITR is not considered complete.

We are giving you information about the e-verification process after filing ITR. It is necessary to do this work within 120 days of filing ITR.

Immediately after filing ITR, go to the e-filing portal and select I would like to e-verify to fill your ITR.

After this, by entering the details of Aadhaar linked number, demat account and prevalidated bank, get OTP on the number linked to it.

After this you have to complete the verification by entering the OTP within 60 seconds. On the other hand, if you choose offline verification, you will have to send the ITR verification form to the CPC in Bengaluru.

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Meanwhile, a big news related to income tax has come to the fore. The Income Tax Department has selected thousands of cases for Income Tax E-Verification. Many taxpayers are being asked to reply to this by sending notices, which has increased the concern of taxpayers. In such a situation, it is important to know what is e-verification and what should be done about the notice received in this regard.

Notice received due to

First of all, let us tell you that the Income Tax Department has selected 68,000 cases for e-verification for the financial year 2019-20. It is alleged that in such cases huge income has been hidden or understated in the income tax return ie ITR. These transactions are both personal and corporate. A difference has been found in their Annual Information Statement (AIS) and Income Tax Return. AIS contains all the accounts of the financial transactions of the taxpayer. Things like bank deposits and share buying and selling are included in this.

Action is taken in this situation

Out of 68,000 cases selected for e-verification, about 56 per cent i.e. 35,000 cases, taxpayers have responded to notices or filed updated returns. No response has come in the remaining 33,000 cases. For FY2019-20, if the taxpayer does not file an updated return (Updated ITR) by March 31, 2023 or does not respond to the notice, then the Income Tax Department can take action. So far, about 15 lakh updated returns have been filed and tax of Rs 1,250 crore has been received from them.

Do reply to the notice

The purpose of the e-Verification Scheme, 2021 is to match the information received from the financial institutions with the information given in the ITR by the taxpayers. The e-verification process starts when a mismatch is found in a financial transaction. The notice under section 133(6) is sent to the taxpayer electronically through the compliance portal. He is asked for an explanation or proof for not showing this transaction in the return. The taxpayer has to answer on the compliance portal itself. The department will either be satisfied with the reply or ask to update the return.

What should I do after receiving the notice?

The notice sent under the e-verification scheme will be visible on the compliance portal. Its alert is also sent on the registered mobile number and e-mail address. After receiving the notice, you will have to log in to the income tax portal (https://eportal.incometax.gov.in/). After this, go to the ‘Pending Actions’ tab and click on ‘Compliance Portal’ and select ‘eVerification’. Then click on Financial Year. To download the notice, click on the Document Identification Number (DIN). To answer, click on the ‘Submit’ link and attach the relevant documents and click on the submit button.

Ways to avoid action

If you have received e-verification notice for the financial year 2019-20 i.e. assessment year 2020-21, then reply to the notice or fill the updated return by March 31, 2023. If the notice has not been received, but you have forgotten to show any income or have not filed the original return, you can still file the updated return by paying additional tax.

Updated returns can be filed up to 2 years after the end of the relevant assessment year. Additional tax equal to 25 per cent of the tax and interest will have to be paid if the updated return is filed within 12 months. Similarly, after 12 months and before 2 years, 50 percent additional tax will have to be paid for submitting the updated return. Updated returns can be filed by March 31, 2024 for assessment year 2021-22 and by March 31, 2025 for assessment year 2022-23.

Be sure to keep these things in mind

If you want to avoid e-verification notice in assessment year 2021-22 or subsequent years, file an updated return if there is a discrepancy by matching AIS and ITR. The updated return for the relevant assessment year can be filed only once. There is absolutely no scope for mistake, for this you should take the help of a tax advisor or CA.

Do not confuse between e-verification and e-verification of income tax return. These two are different things. Before filing the return, do check the AIS so that there is no mistake while filing ITR and there is no need to file updated return.

The post ITR E-Verification notice: If you have received e-verification notice, do this work immediately, otherwise… first appeared on Rightsofemployees.com.

ITR can be filed by 31st December provided ..

Those who have not yet filed their returns can do so by paying the late fee by December 31.At the same time, taxpayers who have submitted their ITR on or before July 31 should verify their returns, otherwise they will not be processed. Must be verified within one month of filing ITR.

Now only 30 days will be available for ITR e-verification, earlier used to get 120 days

There are many ways to verify ITR. However, one of the easiest of these methods is the Aadhaar-based one-time password (OTP) method; To take advantage of this, your mobile number must be linked with Aadhaar. To verify the return using the Aadhaar-based OTP system, simply follow these steps:

(1.) Go to the e-verification page of the IT department’s portal and select the option of Aadhaar-based OTP.

(2.) A pop-up will appear asking you to validate your Aadhaar details, mark a tick next to that box.

(3.) Click on ‘Generate Aadhaar OTP’ to receive the six digit code on your registered mobile number.

(4.) Enter the OTP (valid for 15 minutes only) to complete the e-verification

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The Central Board of Direct Taxes (CBDT) has issued a notification stating that the deadline for verification of Income Tax Return (ITR) has been reduced from 120 days to 30 days after transmission of ITR data electronically. Is. It has become effective from today i.e. August 1.

“CBDT in its latest notification has said that if Form ITR-V is submitted within 30 days from the date of transmission of data electronically, the data shall be the date of furnishing of return electronically. If Form ITR-V is submitted after the aforesaid period, it will be deemed that the return in respect of which Form ITR-V has been filed was never submitted and the same will be sent to the Assessee for re-transmittance electronically. will be obliged. data and follow it up by submitting a new Form ITR-V within 30 days.

This notification will be applicable for electronically transmitted Income Tax 9 return data filed on the e-filing portal (www.incometax.gov.in).

It was informed by the Income Tax Department that the deadline for filing income tax returns by taxpayers who have not got their accounts audited for the financial year ended March 31, 2022 was July 31. More than 68 lakh income tax returns were filed till 11 pm on Sunday.

As per the latest notification, the Income Tax Department has given further clarifications on these points.

• It has been decided that in respect of any electronic transmission of return data on or after the effective date of this notification, the time limit for verification or submission of ITR-V shall now be 30 days from the date of dispatch/upload. Will be. Income return data electronically.
• It is clarified that where the return data is transmitted electronically before the effective date of this notification, the earlier time limit of 120 days in respect of such returns shall continue to apply.
• Where ITR data is transmitted electronically and e-verified / LTR-V is submitted within 30 days of transmission of data – in such cases the return of income is required to be furnished on the date of transmission of the data to the Vidyut Sahayak. date will be considered. Where ITR data is transmitted electronically but e-verified or through ITR-V.
• Where ITR is submitted beyond the time limit of 30 days from the date of transmission of data – in such cases the date of submission of e-verification/ITR-V shall be the date of furnishing of return of income and all consequences of late filing will be considered as The return under the Act will follow.
• For the purpose of determining the period of 30 days from the date of transmission of the data of Income Tax Return electronically, the date of dispatch of speed post of ITR-V, duly attested, will be considered.

The post Income Tax Department has issued new deadline for ITR e-verification, check here new deadline immediately first appeared on Rightsofemployees.com.

The Central Board of Direct Taxes (CBDT) has issued a notification stating that the deadline for verification of Income Tax Return (ITR) has been reduced from 120 days to 30 days after transmission of ITR data electronically. Is. It has become effective from today i.e. August 1.

“CBDT in its latest notification has said that if Form ITR-V is submitted within 30 days from the date of transmission of data electronically, the data shall be the date of furnishing of return electronically. If Form ITR-V is submitted after the aforesaid period, it will be deemed that the return in respect of which Form ITR-V has been filed was never submitted and the same will be sent to the Assessee for re-transmittance electronically. will be obliged. data and follow it up by submitting a new Form ITR-V within 30 days.

This notification will be applicable for electronically transmitted Income Tax 9 return data filed on the e-filing portal (www.incometax.gov.in).

It was informed by the Income Tax Department that the deadline for filing income tax returns by taxpayers who have not got their accounts audited for the financial year ended March 31, 2022 was July 31. More than 68 lakh income tax returns were filed till 11 pm on Sunday.

As per the latest notification, the Income Tax Department has given further clarifications on these points.

• It has been decided that in respect of any electronic transmission of return data on or after the effective date of this notification, the time limit for verification or submission of ITR-V shall now be 30 days from the date of dispatch/upload. Will be. Income return data electronically.
• It is clarified that where the return data is transmitted electronically before the effective date of this notification, the earlier time limit of 120 days in respect of such returns shall continue to apply.
• Where ITR data is transmitted electronically and e-verified / LTR-V is submitted within 30 days of transmission of data – in such cases the return of income is required to be furnished on the date of transmission of the data to the Vidyut Sahayak. date will be considered. Where ITR data is transmitted electronically but e-verified or through ITR-V.
• Where ITR is submitted beyond the time limit of 30 days from the date of transmission of data – in such cases the date of submission of e-verification/ITR-V shall be the date of furnishing of return of income and all consequences of late filing will be considered as The return under the Act will follow.
• For the purpose of determining the period of 30 days from the date of transmission of the data of Income Tax Return electronically, the date of dispatch of speed post of ITR-V, duly attested, will be considered.

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The last date for filing Income Tax Return ie ITR was 31st July. No changes have been made by the Income Tax Department in this. If you are a taxpayer and you have filed your income tax return, then this news is very important for you. Actually, after filing ITR, the most important thing is its e-verification. Without this, filing the return is considered incomplete and it can also be canceled.

This is the reason why its verification is considered more important than filing the return. After filing ITR through online mode, it is very important to do ITR E-Verification. If you have filed the return then do not forget to do the e-verification (ITR verification). Especially new taxpayers should not delay the verification at all.

Only so many days will be available for e-verification of ITR

The Income Tax Department has reduced the deadline for submission of e-verification or hard copy of ITR-V after filing income tax returns to 30 days from the existing 120 days, i.e. from today. has been implemented. The department had announced the change in the deadline by issuing a notification on July 29.

These rules have been applied to taxpayers who file their income tax returns on or after August 1. According to the new notification of CBDT, now the date of furnishing the return electronically will be considered as the same when Form ITR-V is submitted within 30 days from the date of transmitting the data electronically. Those who wish to send ITR-V in hard copy can send it to the Centralized Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka through Speed ​​Post only.

Do e-verification in these ways

Verify ITR with Aadhaar OTP
Verify with bank account
Netbanking ITR Verification
Verification from Bank ATM
You can also verify with Demat account

The post Government changed rules: Get ITR E-Verification done soon, now you will get very less time first appeared on Rightsofemployees.com.

The Central Board of Direct Taxes (CBDT) has issued a notification stating that the deadline for verification of Income Tax Return (ITR) has been reduced from 120 days to 30 days after transmission of ITR data electronically. Is. It has become effective from today i.e. August 1.

“CBDT in its latest notification has said that if Form ITR-V is submitted within 30 days from the date of transmission of data electronically, the data shall be the date of furnishing of return electronically. If Form ITR-V is submitted after the aforesaid period, it will be deemed that the return in respect of which Form ITR-V has been filed was never submitted and the same will be sent to the Assessee for re-transmittance electronically. will be obliged. data and follow it up by submitting a new Form ITR-V within 30 days.

This notification will be applicable for electronically transmitted Income Tax 9 return data filed on the e-filing portal (www.incometax.gov.in).

It was informed by the Income Tax Department that the deadline for filing income tax returns by taxpayers who have not got their accounts audited for the financial year ended March 31, 2022 was July 31. More than 68 lakh income tax returns were filed till 11 pm on Sunday.

As per the latest notification, the Income Tax Department has given further clarifications on these points.

• It has been decided that in respect of any electronic transmission of return data on or after the effective date of this notification, the time limit for verification or submission of ITR-V shall now be 30 days from the date of dispatch/upload. Will be. Income return data electronically.
• It is clarified that where the return data is transmitted electronically before the effective date of this notification, the earlier time limit of 120 days in respect of such returns shall continue to apply.
• Where ITR data is transmitted electronically and e-verified / LTR-V is submitted within 30 days of transmission of data – in such cases the return of income is required to be furnished on the date of transmission of the data to the Vidyut Sahayak. date will be considered. Where ITR data is transmitted electronically but e-verified or through ITR-V.
• Where ITR is submitted beyond the time limit of 30 days from the date of transmission of data – in such cases the date of submission of e-verification/ITR-V shall be the date of furnishing of return of income and all consequences of late filing will be considered as The return under the Act will follow.
• For the purpose of determining the period of 30 days from the date of transmission of the data of Income Tax Return electronically, the date of dispatch of speed post of ITR-V, duly attested, will be considered.

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