Once you file an income tax return (ITR), you need to verify it within 30 days from the date of filing. If you fail to verify the ITR within the stipulated timeframe, your return will be declared invalid by the income tax department.
Whether you are a registered or an unregistered user, the e-Verification facility is now accessible to all taxpayers who file income tax returns. However, if you want to e-Verify your returns solely through net banking, you must first log in to the e-Filing portal.
There are numerous options available for verifying tax returns. Net banking is one of the easiest and most convenient ways to do so. This article simplifies the process and answers the question of how to e-Verify your ITR through net banking. Read on to understand the procedure.
Prerequisites for ITR Verification
Make sure you meet the following conditions to verify your income tax return:
- You must be a registered user on the e-Filing website with a valid user ID and password.
- You must have already filed a return, either by yourself or through an ERI (E-Return Intermediary).
- Your PAN (Permanent Account Number) must be linked to your bank account.
- Net banking services must be enabled for the specific bank account.
Steps to E-Verify Your Income Tax Return Through Net Banking
It is essential to e-Verify your ITR; otherwise, your return will be considered invalid. Here are the steps to verify your income tax return using the net banking method:
- Go to the official income tax e-Filing portal (https://eportal.incometax.gov.in/iec/foservices/).
- Visit the e-Verify page.
- Select the ‘Through Net Banking’ option. Click on ‘Continue’.
- Select the bank through which you want to verify your return and click on ‘Continue.’
- A disclaimer will appear. Read it carefully and click on ‘Continue.’ (After doing so, you will be taken to the net banking page of your selected bank account).
- Enter your net banking user ID and password to log in to your net banking account.
- Click on the link to log in to the e-Filing portal from your bank’s website. (After this step, you will be logged out from your bank’s page and logged in to the e-Filing website.)
- Once logged in, you will be redirected to the e-Filing dashboard.
- Click on ‘ITR’ and then ‘e-Verify.’ This final step will successfully e-Verify your ITR.
Note: After successful verification, you will find a transaction ID displayed on your screen. Make sure to record it for future purposes. A confirmation message will also be sent to your mobile number and email ID registered on the e-Filing website.
Also Read: Types of ITR Forms
Benefits of E-Verifying Your Income Tax Return via Net Banking
Here are the key benefits of e-Verifying tax returns using the net banking method:
- Convenience: The traditional method of return verification involves visiting a tax office that is often crowded. This makes the entire procedure tiresome and time-consuming. On the contrary, e-Verification of ITR reduces stress for taxpayers by allowing them to file and verify their tax returns from the comfort of their homes.
- Reduced Errors: Manual return verification involves numerous complexities and human intervention, which increases the likelihood of errors. With e-Verification methods, you can significantly reduce these discrepancies.
- Easy Access to Documentation: E-Verification of ITR ensures that essential documents are digitally recorded, creating a database that users can access whenever they want. Such a facility is not available with manual return verification.
- Quicker Processing: E-Verification through net banking helps speed up the processing of your tax return. This allows the income tax department to process your return faster, potentially leading to quicker refunds if applicable.
How to Know if Your Return is Verified?
After e-verification, you will receive a confirmation message on your registered contact number and email ID. However, you can still confirm the verification status from the official site to cross-check. To do so, you will need to enter your PAN, acknowledgement number, and the displayed captcha on the official site.
Other Ways to E-Verify Your ITR
Here is a list of other ways with which you can e-Verify ITR:
- EVC (Electronic Verification Code) via bank ATM (an offline option)
- EVC via bank account or demat account
- Digital Signature Certificate
- Aadhaar OTP
Now that you have understood how to e-Verify ITR through net banking, we hope you find it easier to file your ITR. The net banking steps might vary depending on your bank’s net banking website and the tax authority’s provisions in your country. E-Verification of returns is an integral part of income tax return filing. Once you’ve filed your return, you must verify it within 30 days. If you fail to verify it within the stipulated 30-day period, your ITR will be deemed invalid.
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