Income Tax

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

How to e-Verify Your Income Tax Return Using Bank Account

It can rightly be said that you have to e-verify your income tax returns. If you fail the ITR e-verification process, then the filing can be considered incomplete, and the Income tax return becomes useless or invalid for the time being. The failure to e-verify your income tax returns process can attract penalties as per the Income Tax Department. It might also be stated that as of August 2023, within 30 days of submitting returns, the ITR e-verification process is now required. By using a variety of techniques, the Income Tax Department has actively contributed to the ITR e-verification process. Any taxpayer who is prepared to file his income tax returns using a bank account can readily access e-verify his income tax return, regardless of whether he is enrolled or not. There are also various methods available to e-verify your income tax returns, and it can rightly be said that the bank account is the most convenient and effective method to e-verify your income tax returns.

Table of Contents

Pre-condition to e-verify your income tax returns

To ensure that you meet the following requirements, e-verify your income tax returns before proceeding with the e-verification of income tax returns through the bank account. Here are certain pre-conditions laid down to e-verify your income tax return for your reference as follows:

  1. To e-verify your income tax returns, you must have already registered as a user on the e-filing site and have working login credentials, such as a password and log-in.
  2. To e-verify your income tax returns, either you or someone else filed income tax returns for you; you should have done this earlier.
  3. To e-verify your income tax returns, you must have to link your PAN card with your bank account for authorization.
  4. To e-verify your income tax returns, you can’t continue with the e-verify of your annual government forms except if you have the account number and other important qualifications with you.

Valid reasons to e-verify your income tax returns

The income tax returns e-verification process can be considered the prominent way to proceed to e-verify your income tax returns. It ensures the validity and genuineness of the income tax returns that have been filed by the individual. It has also been made mandatory as per the requirement of the Income Tax Departments. There are certain reasons below to e-verify income tax returns bank account:

Probably saves effort and time.

To e-verify your income tax returns, the e-verification process has reduced the possibility of going to the Income tax office and submitting the documents physically. It can also be said that e-verifying your income tax returns has now become an easy task for individuals.

In compliance with the tax regulation

To e-verify your income tax returns, the e-verification process complies with tax regulations and other legal prerequisites. It facilitates maintaining the calculative tax records of the individual which usually reduces the risk of the penalties by the income tax department.

Helpful in the reduction of the processing time

To e-verify your income tax returns, the e-verification process has been very helpful in managing the processing time. It can be said that once the e-verification is done, then the income tax department must respond to it promptly in processing the income tax returns filing and also be helpful in claiming a refund.

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Real-Time Confirmation

To e-verify your income tax returns, the e-verification process has been offering taxpayers peace of mind by instantly confirming the verification status and letting them know that their returns have been properly confirmed and also to go for the paperless process of e-verification of ITR.

Eligibility for ITR filing to e-verify your income tax returns

The taxpayer’s income exceeds the exemption limit established by the Income-tax rules or regulations. It has been mandated by the Indian taxation law system to file income tax returns to e-verify your income tax returns. Here is the rundown below for people or organizations or organizations that are expected to document personal government forms as follows:

  1. All individuals, up to the age of 59, whose complete pay for a monetary year surpasses Rs 2.5 lakh. For senior residents (aged between 60-79), the limit increments to Rs. 3 lakhs, and for very senior residents (aged 80 or more), the breaking point is Rs. 5 lakhs. It is essential to take note that the paid sum ought to be determined before figuring in the derivations permitted under Areas 80C to 80U and different exclusions under Section 10 of the Income Tax Act.
  2. The registered companies as artificial persons under the Companies Act 2013 are generating income through the financial year.
  3. The individual or company who is willing to claim a refund on the tax deduction above the amount they have paid.
  4. Any individual whose assets or financial interest is situated outside India.
  5. Any foreign companies who are exempted under the treaty benefit from the transaction made in India.

Methods to e-verify your income tax returns

There are certain methods applicable to e-verify your income tax returns. There have been certain methods discovered by the income tax department to make the applicant’s life easy while filing income tax returns. There are mentioned below each of the methods to e-verify income tax returns bank account:

E-verify your income tax returns through Net banking

To e-verify your income tax returns through Net banking has been considered the most convenient and safe. Integrating the Net banking system into the ITR e-verification process has made it very authentic and secure to evaluate the data electronically. Without the necessity to submit the documents physically, now it can be done through the online process of Net banking at your fingertips. As it is well known, net banking always attaches additional security to make the e-verify income tax returns bank account hassle-free for individuals.

E-verify your income tax returns through AADHAAR.

To e-verify your income tax returns by using AADHAR, OTP has played various roles in the financial domain. It lays out the ITR e-verification process using the identification through AADHAR OTP to make the process efficient and reliable. It also helps in digital identification as started by the Government. It also helps prevent fraud and scams or any unauthorized use, which leads to trust and accountability in financial transactions.

E-verify your income tax returns through an electronic verification code (EVC)

To e-verify your income tax returns through EVC has also been beneficial in facilitating the authentic and streamlined process. This method ensures the elimination of the physical submission of the documents. This also attaches additional security to make the ITR e-verification process hustle hassle-free for individuals.

E-verify your income tax returns through the Demat Account

To e-verify your income tax returns through a Demat account, which also attaches an additional level of security for the individuals. This also makes sure that the trust and risk of fraudulent activities has to be reduced.

E-verify your income tax returns. Bank Account

To e-verify your income tax returns through the use of bank accounts. The Bank accounts always act as the main hub for financial transactions to be done, and also provide the taxpayers with the investments and expenses to be tracked. The ITR e-verification process also simplifies taxpayers’ tax filings for accurate reporting and tax regulations of the financial data.

Steps to e-verify your Income Tax Returns

It has also been segregated into the various steps to e-verify your income tax returns through various processes based on the ITR e-verification process, E-verification through AADHAR OTP, etc. There are also certain steps below that have to be performed in each process like-

Steps to e-verify your income tax returns through AADHAR OTP

To e-verify your income tax returns through AADHAR OTP can also be very easy and convenient for applicants. Here are the steps below:

  1. The applicant has to log in to the Income Tax e-filing website using the information to be fetched.
  2. Then, try to navigate to the My Account section and select the e-verify return option.
  3. Pick the option that mentions I would like to e-verify using the AADHAR OTP option.
  4. Make sure that the AADHAR is linked to the PAN. If it has not been linked, then instructions, which are available on the portal, have to be followed.
  5. Submit the OTP received on the mobile number that has been linked to your AADHAR.
  6. Then, navigate to the Submit for the completion of the e-verification process.
  7. When the interaction previously mentioned has been trailed by the taxpayer, then the e-verification will be finished by getting the composed affirmation by the annual duty division about the acknowledgement from the candidate for the e-verification to be finished.
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Steps to e-verify your income tax returns through Net banking

To e-verify your income tax returns through Net banking can be a very convenient option for taxpayers to go on. Here are the steps below:

  • The applicant has to log on to the Net banking using the bank account details
  • Try to navigate to the option of the e-filing or the e-verification.
  • Identify the ITR for which the verification has to be done
  • Then, the bank will authenticate the details, like the identity of the taxpayer, to confirm the e-verification.
  • Once this process has been followed, the e-verification will be completed.

Steps to e-verify your income tax returns through EVC

To e-verify your income tax returns through the Electronic Verification Code has been broadly used by applicants for ITR filings. Here are the steps below:

  1. The applicant first has to log in to the Income Tax filing website by fetching the login details
  2. Navigate to the My Account section and try to select the E-verify return option
  3. Then try to pick I have EVC already generated option and click on it to continue
  4. Fetch the EVC revised on the registered mobile number
  5. Then click on to submit the e-verification process
  6. Try to keep the EVC confidential and use it in the specified period.

Steps to e-verify your income tax returns through Demat Account

To e-verify your income tax returns through the Demat account can be considered the best method to apply. Here are the steps below:

  1. The applicant first logs in by fetching all the details of the Demat account on the website
  2. Navigate to the option of e-verify ITR
  3. Fetch all the necessary details like the PAN, assessment year, and the ITR form
  4. Try to follow the instructions displayed on the portal to complete the e-verification process online

Steps to e-verify your income tax returns through a bank account

To e-verify your income tax returns through a bank account, the applicant has the option to prefer this process for e-verification. Here are the steps below:

  • The applicant first log-in by fetching all the details of the bank account by fetching the log-in details.
  • Navigate to the option that is related to the tax e-filing or e-verification.
  • Pick the ITR that the taxpayer wants to verify and follow the instructions laid down by the bank.
  • The bank will try to authenticate the given identity and will confirm the e-verification.
  • Once it has been confirmed, the e-verification process will be completed online.

Benefits to e-verify your income tax returns

It can be observed from the stated facts that the e-verify your income tax returns turned out to be beneficial for the taxpayers for the ITR verification process. Here are the certain benefits laid below to e-verify your income tax returns below:

  • To e-verify your income tax returns, which offers online requests or services in a quick and easy process. The ITR verification does not need to be sent in hard form to CPC, Bangalore.
  • To e-verify your income tax returns, which offers a variety of techniques, including Aadhaar OTP, Net Banking, and EVC through a bank account, demat account, or ATM, as well as Digital Signature Certificates (DSC), which saves time and resources.
  • To e-verify your income tax returns, which guarantees the accuracy and thoroughness of the method used by the taxpayer to file the income tax returns. If an ITR is not verified within the allotted period, it is deemed invalid and may be subject to fines or interest.
  • To e-verify your income tax returns, which offers comments or justifications for any inconsistency or mismatch in the financial transactions reported by the sources or reporting companies, it aids in the rectification and cleansing of data. If you miss the verification date for legitimate reasons, you can also submit a request for a pardon.
  • E-verifying your income tax returns offers a more advanced method than the traditional method of filing income tax returns, which is a very time-consuming and hectic task. In contrast, the ITR e-verification process has reduced the stress level for taxpayers by allowing them to file their income tax returns wherever they want.

Challenges to e-verify your income tax returns

There are always two sides of the coin. So, the challenges are the other side of the coin. You may face certain challenges to e-verify your income tax returns, which has been considered to be a very general concern of taxpayers during the ITR e-verification process. Here is the list of challenges while dealing with the ITR e-verification process as follows:

  • To e-verify your income tax returns, taxpayers may face technical issues or glitches while dealing with the ITR e-verification process online. May the error occur, a connectivity issue, or also device compatibility with the income tax portal.
  • To e-verify their income tax returns, taxpayers may face authentication problems if they have changed their registered mobile number or e-mail if this information has not been uploaded to the income tax portal by the authorities.
  • To e-verify your income tax returns, taxpayers may feel difficulty in digital piracy because of the data leaks of their financial information, while the ITR e-verification process is online if it’s a case of sensitive information for third-party authentication.
  • To e-verify your income tax returns, taxpayers may feel that the government policies related to the ITR e-verification process may introduce complexity to taxpayers for their adaptability in a new setting.
  • To e-verify your income tax returns, taxpayers may get limited access to the internet for the ITR verification process if the customer resides in rural areas where the internet connection is not strong.
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Difficulties in e-verify your income tax returns on the new portal

Some challenges have been faced by the applicants about the new income tax website after its implementation to e-verify your income tax returns. There is also the problem that has been listed out and identified by the applicants. It can be said that the most important function of the Income Tax Department is the ITR e-verification process available to taxpayers, which has to be done through the income tax portal. However, there can be some technical glitches that have been fixed by the applicants.

Here is the list of the following errors below for the income tax returns e-verification process on the portal:

  1. The errors have been while filing income tax returns, as several users have mentioned on well-known social media platforms
  2. The ITR receipts that have already been filed cannot be downloaded
  3. The e-filing of the ITR for the different financial years cannot be downloaded in PDF format.
  4. The new facility that has been introduced by the income tax department is called the JavaScript Object Notia N facility (JSON Utility) for the year assessment in the year 2022, but it cannot be visible on the new portal of income tax return.
  5. It can also be noticed by the applicants that if the individual tries to fetch the name for the ITR verification process by picking self in the capacity, then the name suddenly disappears and shows validation errors in the name of the applicant.

Conclusion

To e-verify income tax returns is a fundamental cycle that checks the legitimacy and precision of government forms documented by EPFO (Employee Provident Fund Organization) and other organizations. It is a significant stage in guaranteeing consistency with charge guidelines and keeping up with the honesty of the expense framework. By finishing the E-verify ITR process, citizens show their obligation to satisfy their duty commitments and add to a straightforward and responsible tax collection framework. The use of the bank account method to e-verify your income tax returns will depend upon the individual’s experience of the bank account holder who is availing the services of the bank and also the income tax department portal. The e-verification of income tax returns can be considered the integral process of ITR filings. There is the chance of filing the e-ITR again, given by the income tax department, in the given timeframe. Being informed about the e-verification of your income tax returns will help your ITR e-verification quickly and easily contribute towards an easy-going tax filing experience and support the financial system of our country.

FAQ’s

  1. How can you enable your bank account to generate EVC to e-verify your income tax returns?

    If you are willing to enable your bank account to generate EVC to e-verify your income tax returns, then you need to update your details of contact on the e-filing portal of the income tax department to match your fetched details registered with your bank account and again need to revalidate your bank account.

  2. Is it mandatory to give bank account details to e-verify your income tax returns?

    It can be seen that many taxpayers have multiple bank accounts, but a large number of taxpayers do not allude to all their bank account details in their ITR e-verification process. But this act can be against the income tax rules and regulations. All taxpayers should disclose their domestic bank account details as well as a foreign bank account.

  3. How long does it take to e-verify your income tax returns?

    Assuming that you are considering the new time limit recommended by the annual duty division, then e-confirmation or the accommodation of the ITR-V will be 30 days from the date of documenting personal assessment forms.

  4. How can you differentiate between e-filing of your income tax returns and regular tax filing income tax returns?

    The e-filing of income tax returns gives a helpful method for presenting the report when contrasted with manual documenting, which is to hold on as late as possible to document duties that can be more time-consuming.

  5. What will be the repercussions if the taxpayers fail to e-verify your income tax returns?

    If any taxpayers fail to e-verify their ITR within 30 days from the date of e-filing of the ITR, it will be considered invalid, but you have the opportunity to pay late fees or the amount of 5000 or 10000 INR as per the provisions of the Income Tax Act.

  6. How is the ITR e-verification process important?

    To e-verify your income returns, which has become mandatory for taxpayers. It is binding on taxpayers to e-verify their income tax ranges within 30 days from the date of filing of income tax returns. If you do not e-verify your income tax return, then the filing process can be treated as not completed, and the income tax returns become invalid.

  7. Why does the refund of the income tax returns take a very long time?

    This issue may arise when your income tax return has not yet been verified. It is made sure that the ITR-V has been sent within 120 days of the e-filing process. If this process does not help you, then follow up with the CPC by calling their helpline numbers.

  8. How can the individual receive the e-verification notice?

    The Income Tax Department's e-filing site or your registered email address will get the e-verification message. To be informed about any updates, be sure to check your email often and log in to the site.

  9. What will happen if the taxpayer faces technical issues during the ITR e-verification process?

    You can contact the Income Tax Department's hotline or go to the closest Income Tax office for assistance if you run into any problems or technical difficulties. They can help you throughout the procedure and fix any technical issues you might run into.

  10. What can be considered the best way to e-verify your income tax returns?

    The best way to verify the ITR is to e-verify income tax returns through NetBanking by not sending the ITR-V physical copy to the Bangalore office.

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