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What is e-Verification of ITR and why do you NEED to do it?

Did you file your ITR finally? You must be relieved to think now it’s only a matter of time before you get your refund processed. Sorry to break your bubble, but hear us. You will not be processed for a refund if you haven’t done your e-verification.

E-verification? What is that now? Allow us to simplify it for you.

E-verification of return in Income-Tax refers to the process of electronically verifying the authenticity and correctness of an Income-Tax Return (ITR) filed with the tax authorities. This verification process is a crucial step in the income tax filing process to ensure that the information provided in the tax return is accurate and legitimate.

In the context of Income-Tax filing, after you have filed your ITR online through the official Income-Tax portal, you need to verify the return to confirm its authenticity. There are several methods of e-verification available, including:

1. Aadhaar OTP (One-Time Password) Verification: You can receive an OTP on your registered Aadhaar-linked mobile number, which you then enter on the income tax e-filing portal to verify your return.

2. Bank Account EVC (Electronic Verification Code): You can generate an EVC by logging into your bank account online and linking it with your income tax account. The EVC is then used to verify your return.

3. DeMat Account EVC (Electronic Verification Code): If you have a DeMat account, you can link it with your income tax account and use the generated EVC for verification.

4. Net Banking Verification: If you have an internet banking account with a bank that is integrated with the income tax portal, you can use this method for verification.

5. ATM EVC (Electronic Verification Code): You can generate an EVC through an ATM if your bank provides this facility and this is an offline method.

6. Digital Signature Certificate (DSC): If you have a DSC, you can verify the ITR by attaching your DSC to the ITR file, which is usually done through an electronic file containing the DSC information.

The e-verification process eliminates the need to physically send a signed ITR-V (Income Tax Return-Verification) form to the Centralized Processing Center (CPC) which is not only time-consuming, but also prone to manual errors. Also, the verification happens instantly, which saves you from the delay in transit of ITR-V.

Once the verification is completed, the tax return is considered valid and processed by the tax department. It's important to ensure timely and accurate verification of your income tax return to avoid any penalties or issues with your tax filing.

Tax Filers are mandated to e-verify their returns within 30 days of filing it.

What are the consequences of not e-verifying your ITR within the window of 30 days, you ask?

Your ITR will be treated as invalid and will be deemed as “not filed”. It will not be taken by the IT department to process. This means that you will not get your refunds if you don’t e-verify the ITR

So yeah, e-verifying your ITR is an integral part of the return filing process. And that’s where we, at Sawingz, step up and cover tax saving from the head to the bottom. Not only do we devise the most optimal tax saving strategies for you to arrive at the most refunds possible for you, we also take you all the way to the finish-line to make sure you get your hard earned bucks in your pocket! We have the most dedicated team of professionals ranging from Chartered Accountants to Retired IT Officers to take care of your tax accords from end to end.

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