The Income Tax department has shared an important update for taxpayers who have filed an Income Tax Return (ITR) for the assessment year (AY) 2020-21.
It informed that the last day to verify the tax returns is Monday and urged people to not “miss out”.
“TODAY is the last date to verify your ITR filed for AY 2020-21! Don’t miss out on the final chance to verify your ITR! #VerifyNow (sic),” tweeted Income Tax India.
Verification of the tax return either electronically or by sending a signed physical copy of the return filed online is essential as it is a way of declaring the truthfulness of the information reported in the return, a legal requirement.
If a tax return is not verified in time, the return is treated as ‘not filed’ and it will attract all the consequences of not filing tax returns.
However, one can request condonation of delay in verification. After submission of such a request, the taxpayer will be able to e-verify the return. But the return will be treated valid only after the condonation request has been approved by the tax authority.
Tax returns are usually to be authenticated within four months of filing the return. As a one-time relief, the department in December allowed tax payers to authenticate returns for AY21.
The e-verification of ITR for AY 2020-21 can be done through Aadhaar OTP, by logging into an e-filing account through net banking, electronic verification code (EVC) through bank account number, EVC through demat account number, by sending a duty signed physical copy of ITR-V through post to CPC, Bengaluru.
How to verify using Aadhaar OTP?
Your mobile number must be connected to Aadhaar and registered in the UIDAI database. The PAN must be connected to Aadhaar as well.
- Select ‘I would like to verify using OTP on a mobile phone registered with Aadhaar’ and click ‘Continue’ on the I-T website’s e-verify page.
- A pop-up window will display on your screen, prompting you to check the box labelled “I accept to authenticate my Aadhaar details.”
- Select ‘Generate Aadhaar OTP’.
- Your registered cellphone number will receive an SMS with the six-digit OTP.
- Enter the OTP received in the required box and press the submit button.