Over 3.1 Million ITR Filers Miss Out on Income Tax Refunds Due to Ineligibility

Income Tax Return Update (August 24): Many people file their income tax returns on time via the Income Tax Department's e-filing portal, but often skip the crucial step of verifying their tax returns. 

As per tax regulations, it is obligatory for all taxpayers who file income tax returns to verify them within 30 days from the date of filing ITR. 

In case of Any failure to do so may attract to non-processing of the return, potentially causing delays in receiving any eligible tax refund.

Verifying an income tax return is simple and can be accomplished online in just a few minutes (outlined below). 

However, recent data up to August 23 shows that over 31 lakh taxpayers have yet to complete the return verification process.

Based on information available on the Income Tax website, over 6.91 crore tax returns have been submitted by August 23, yet only 6.59 crore of those have been verified by taxpayers. 

With the 30-day verification period nearing its conclusion in a few days, the Income Tax department issued a notification to taxpayers through the X platform (formerly Twitter), urging them to promptly finalize the verification process.

Not verifying your ITR not only causes delays in refunds but also makes those returns invalid after 30 days. If the verification is delayed, it might result in a late fee as per the rules of the Income Tax Act.

For the Assessment Year 2023-24, the ITR filing deadline for non-audit cases was July 31. Last year, the Income Tax Department shortened the time limit for e-verification or submission of ITR-V to 30 days through a notification.

We have explained below the steps “How you can verify your returns”. Read them carefully and make sure you adhere to them properly. 

Steps For ITR Verification Using Aadhaar OTP:

• Go to the e-verify page and select I would like to verify option using a one-time password (OTP) sent to your registered mobile number
• Choose the option ‘I agree to validate my Aadhaar Details’ displayed on the page of Aadhaar OTP. and click ‘continue’
• In the next step, Click on the tab of “Generate Aadhaar OTP” and click continue
• Then you will receive a 6-digit code to your registered mobile number. Enter the code in the given checkbox
• Lastly, click on “Continue”

After completing the above steps, a message will be displayed on the screen with your transaction ID details. You will get a confirmation message after the successful completion of the process.

E-verify the tax with Net-banking 

If you wish to e-verify the tax returns then the following are steps to follow which are mentioned below-

1. Firstly, Go to the website of https://www.e-verify.gov/ and select “Through net banking” from the e-verify page, and press ‘Continue’.
2. Then Choose the bank you want to e-verify through and click continue 
3. After this, a disclaimer will pop up on the screen, Go through this disclaimer attentively and click on continue
4. Later you have to login into your net baking account with your password and user identity
5. Then a link will appear on the screen, click on the link and you will be taken to the page of the e-filing portal
6. After the successful completion of the login process, you will be referred to the e-filing dashboard
7. Now go to the section of ITR/Forms/Service, and continue to e-verify

After completing the successful process, a message will be displayed on the screen with your transaction ID details. You will get a confirmation message after the successful completion of the process.

Steps for ITR Verification Through Bank Account Number:

There are two ways of e-verifying the tax with the electronic verification code. One can be done with the use of a bank account and another is through the Demat account. Both are mentioned below with steps-

E-verify the tax with a bank account 

• Firstly, you have to go to the page of e-verify and choose “Through Bank Account” and click on the tab to continue
• You will be sent an EVC (electronic verification code) to your registered mobile number. 
• Enter the EVC code and click on continue
• At last, just click on the e-verify and here you are done

After completing these above, a confirmation message will appear on the display with your transaction ID and electronic verification code.

Also Read: Supreme Court to Determine GST Eligibility for Immovable Property in August 23rd Hearing

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