ITR filing comprises filing your income tax return with the Income Tax Department. Taxpayers in India are required to file this return yearly. It shows their profits and spending for the previous fiscal year. The procedure consists of several parts, with the last step being critical to ensuring the proper submission of your ITR and quick receipt of any applicable refunds.
Remember that after you finish the e-verification procedure, your ITR will be deemed e-verified. This step is critical and should be regarded as the final stage in your ITR filing procedure.
Steps To E-Verify ITR
- The Income Tax Department’s e-filing portal can be accessed at https://www.incometax.gov.in/iec/foportal/
- Log in using your user ID and password.
- Click the “e-File” option and select “e-Verify Return”.
- input your PAN, pick the Assessment Year, input the ITR’s acknowledgement number and your mobile number, and then click Continue.
- Choose the e-verification method you wish to use.
- Follow the instructions to finish the e-verification procedure.
How Will You Know That E-Verification Is Complete?
If You E-Verify Your Return:
- A success message will be shown, along with a transaction ID.
- An email will be sent to your email address registered with the e-filing system.
Is It Required To E-Verify Your Return?
No, e-verification is the only way to confirm your submitted ITR. You can validate your submitted ITR using one of the following two methods:
- To submit returns, either e-verify online
- Send a signed ITR-V to CPC in Bengaluru
Once you have completed the verification process, your ITR will be deemed validated and processed according to ITD regulations.
ITR Filing Last Date
The deadline for reporting ITRs for the fiscal year 2023-24 is July 31, 2024. Certain taxpayers, such as those who choose ITR-6, can file their ITR later. Taxpayers can file ITRs online using the Income Tax Department’s e-filing system. They can also file their ITRs offline by sending a physical copy of the form to the Income Tax Department.
There are certain benefits to submitting ITRs. For example, taxpayers who file their ITRs on time are entitled to a return of any extra taxes paid. When filing an ITR, there are various stages to follow, and you must complete each step after logging into the ITR portal.
Begin by gathering your records, such as Form 16, pay slips, bank statements, and any other documents that reflect your income and spending.
Choosing the correct ITR form is critical since there are seven distinct ITR forms that taxpayers can use based on their income, sources of income, and other criteria. You’ll need to select the appropriate ITR form.
Fill out the ITR form completely, including all needed information. Once you’ve completed the ITR form, you’ll need to assess your tax liability. If you owe any taxes, you must pay them before filing your ITR.
However, after these steps have been completed, one of the most crucial components of ITR filing is ITR verification. Once you’ve filed your ITR, you may e-verify it to check that it was properly processed.
