Once you complete the process of filing an Income Tax Return (ITR), it has to be verified by the department. The processing of ITR only starts after you complete the process of verification either by sending a signed copy of ITR-V to CPC (Central Processing Center) or verify it by E-verification. The return filed by you is considered valid until you can not complete the process of ITR verification and it gets verified. You can opt to verify your ITR through online or offline mode. ITR verification is a declaration given by the taxpayer that the information served by them is complete. It is a mandatory step before the ITR processing because without verification the income tax department does not process the return filed by you. For completing the verification process you have to complete this process within 120 days of the filing of returns.
If you are eligible for a tax refund from the department, you will not receive the same until you verify your return.
Methods of Verification
- Offline ITR verification: This is the old method that is still running, Once you complete filing your return now ITR-V is generated and then you have to send a signed copy of ITR-V to CPC (Central Processing Center) which is situated in Bangalore.
- e-Verification: There are 5 methods of doing e-verification you can choose one of the following:
- e-Verification code through Net Banking: You can log in to your net banking portal and go on the e-verify option. From there you can generate a 10 digit e-verification code from which you can verify your return
- e-Verification code through your bank account: You can avail of this facility after you pre-validate your bank account number after that you can generate an e-verification code from which you can verify your return
- Verify through Demat account: You can avail of this facility after you pre-validate your Demat account after that you can generate an e-verification code from which you can verify your return
- Verify through ATM: In this option, you have to visit your ATM and swipe your card and after entering the pin you can choose an option called pin for e-filing. A 10 digit e-verification code is generated from which you can verify your return
- AADHAAR card verification: When you opt for this method you have to just generate the AADHAAR OTP which is sent to you on your mobile number which is linked to your AADHAAR card. Now you have to enter the OTP and submit, now your verification is completed
After the verification is done now the department start processing your Income Tax Return(ITR) and sends an intimation once the processing is done. The intimation is sent via message on your registered mobile number and e-mail id. Department compares the data given by the taxpayer in the return in addition to the information available with CPC and then an intimation is sent. The intimation carries details of income tax calculated by the taxpayer and the income tax department. This process can take 30-45 days from the date of the e-verification of return.
Once the whole process is done successfully all the compliance is done and if you have a refund you can get in your bank account now which is registered on e-filing portal.