New Delhi: As the deadline for filing Income Tax Returns (ITR) approaches on September 15, taxpayers are in a rush to gather necessary documents. Over 3.75 crore returns have already been filed for the FY 2024-25, with more than 2.37 crore processed. Importantly, taxpayers must complete the e-verification process within 30 days to ensure their returns are valid.
The Importance of E-Verification
Filing your Income Tax Return is just one piece of the puzzle; completing the e-verification is equally crucial. With the deadline approaching, many taxpayers are focusing on collecting their relevant financial documents to ensure compliance. The Income Tax Department has reported significant activity, with over 3.75 crore returns already filed by August 26, 2025. Among these, more than 2.37 crore returns have already undergone processing.
To ensure your return is considered valid, the e-verification process must be completed within 30 days of filing. Neglecting to do so can render your tax return invalid, leading to unnecessary complications. Thus, it is vital for taxpayers to take this step seriously.
Essential Steps for E-Verification
If you’re in the process of filing your ITR or have already submitted it, the following guidelines will help you complete your e-verification smoothly:
- Log In: Navigate to the official Income Tax e-filing portal at incometax.gov.in.
- E-Verify: Select the option to e-file, followed by choosing “income tax returns” and finally, click on “e-verify returns.”
- Authorized Representatives: Remember, if you’re not filing the return yourself, an authorized signatory can also handle the e-verification process on your behalf.
This structured approach simplifies the task and ensures compliance with tax regulations.
Methods for E-Verification
Taxpayers can choose among multiple options for e-verifying their returns, making the process flexible and accessible:
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Aadhaar OTP: For those using this method, an OTP will be sent directly to the mobile number linked with your Aadhaar account.
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Net Banking: Generating an Electronic Verification Code (EVC) through net banking is another simple method. The EVC will be dispatched to both your registered mobile number and email ID associated with your e-filing account.
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Bank or Demat Account: If you have pre-validated your bank account or demat account, you can receive the EVC there as well.
In all these scenarios, the verification process is designed to be straightforward, ensuring taxpayers can meet their obligations without hassle.
Alternative Verification Methods
Should your preference lean towards physical documentation, taxpayers have the option to send a duly verified ITR-V through post to the Centralized Processing Centre in Bengaluru. It’s essential to remember that this method must comply with the prescribed format and other specific requirements.
Additionally, if the e-verification is completed late—i.e., more than 30 days after filing—the Central Board of Direct Taxes (CBDT) states, in their notification dated March 31, 2024, that the date of e-verification will then be considered the date of return filing. This means any late penalties will apply.
Real-World Implications
Understanding the nuances of e-verification is particularly pressing as the deadline looms. Many individuals often find themselves juggling work and personal responsibilities, making it easy to overlook these essential steps. For instance, consider Riya, a Small Business Owner in Bengaluru. With tax season approaching, she scrambled to gather invoices and bank statements but forgot to e-verify her return. This oversight meant she had to deal with penalties and a flurry of paperwork, causing unnecessary stress.
On the other hand, individuals like Arjun, an IT professional based in New Delhi, meticulously prepared in advance. He not only filed his ITR on time but ensured he followed through with e-verification, allowing him to relax and avoid last-minute troubles.
E-verification can seem daunting, but it doesn’t have to be. By following the steps mentioned and being proactive, taxpayers can protect their interests and contribute positively to the Indian economy.
In a rapidly changing financial landscape, understanding such regulations and their implications can aid not only individuals in tax compliance but also help strengthen the banking sector and overall economic health.
For the latest updates on personal finance and tax regulations, stay tuned and mindful as this deadline approaches!
Bankerpedia’s Insight💡
The approaching income tax return deadline emphasizes the importance of compliance in India’s banking and finance sector. With over 3.75 crore returns filed, timely e-verification is crucial; failure to do so can render returns invalid, impacting taxpayer trust and treasury revenues. This situation not only underlines the urgency for individuals to complete their filings correctly but also reflects on the broader financial ecosystem’s efficiency. For taxpayers, ensure you e-verify within 30 days of filing to avoid complications and maintain financial integrity.
What Does This Mean for Me?🤔
- Salaried Person → File ITR and e-verify to avoid invalid return.
- Business Owner → Timely e-verification critical to avoid invalid returns.
- Student → E-verification deadline impacts timely tax return validity.
- Self-employed → E-verification crucial to validate income tax return submission.
- Homemaker → Ensure timely e-verification to avoid invalid tax return.
- Retiree / Senior Citizen → Retirees must e-verify tax returns to avoid invalidation.
- Job Seeker → E-verification crucial for valid income tax return submission.
- Farmer / Rural Citizen → Must complete e-verification to avoid invalid tax returns.
Research References📚
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