CBDT Releases New E-Verification Guidelines For Income Tax Returns; Here’s Step-By-Step Guide To E-Verify Your ITR
Income Tax department has recently updated the rules regarding the electronic verification of Income Tax Returns (ITR). Now, as of August 1, 2022, taxpayers are required to E-verify their ITR within 30 days of filing. This supersedes the former rule which granted a 120-day window for this process.
It’s crucial to note that any ITRs filed post-August 1, 2022, will fall under this regulation, while ITRs submitted before that date are still under the purview of the old rule. As a taxpayer, it’s necessary to comply with the prompt 30-day e-verification to avoid potential complications.
ITR 2024: What Is E-verification?
When you’re tackling your income tax returns, E-verification means using online tools to double-check that everything you’ve put down is correct and genuinely yours. Think of it as a digital thumbs-up, confirming that yes, those details right there, they’re truly yours.
How To E-verify ITRs?
- OTP on Mobile (Aadhaar-linked)
- Receive an OTP on your Aadhaar-registered mobile number.
- Enter the OTP on the e-filing portal.
- EVC (Electronic Verification Code)
- Pre-validated Bank/Demat Account: Generate EVC through these accounts.
- ATM: Generate EVC using your bank’s ATM.
- Enter the EVC on the e-filing portal.
- Net Banking
- Log in to your bank’s net banking.
- Select the e-verify ITR option, which redirects to the e-filing portal.
- Digital Signature Certificate (DSC)
- Use your DSC to sign and verify your ITR on the e-filing portal.
After successful verification, you’ll receive a confirmation message and email.
Income Tax Dept opens E-portal For Filing ITRs
Central Board of Direct Taxes (CBDT) on Thursday said that has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April 2024 onwards.
The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April 2024 onwards for taxpayers to file their returns. Similarly, companies have also been able to file their ITRs through ITR-6 from April 1 onwards.
As a precursor to this, the ITR forms had been notified early, beginning with ITRs 1 and 4 which were notified on December 22nd, 2023, ITR-6 was notified on 24th January 2024 and ITR-2 was notified on January 31st, 2024, CBDT said.
To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema of Tax Audit Reports have also been made available for A.Y. 2024-25. The same can be accessed under the downloads section of the e-filing portal, according to the CBDT statement.
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