Once an Income Tax Return (ITR) is filed, it needs to be verified. You can verify your ITR online or offline. If you are a trader and have a Demat account then you can also e-verify your ITR using the Demat Account. You can e-Verify your return within 120 days from the date of filing a return. You can e-verify ITR using a Demat account or by one of the following ways:
Steps to e-Verify ITR using Demat Account
- Log in to your account
Go to the Income Tax e-Filing Portal
- Navigate to e-verify return
Go to My Account > E-Verify Return. It is right next to the Dashboard.
- Click on Option 2
I do not have an EVC and I would like to generate EVC to e-Verify my return.
- Prevalidate your Demat Account
You have to pre-validate your Demat account number by giving account details. Details like DP ID, Client ID, Mobile Number, Email.
- Generate EVC.
You’ll get the EVC on the registered mobile number of your Bank account.
- Once you’ve entered the EVC, you’ll get a confirmation message with transaction ID
This means you’ve completed the e-Verification of your Tax Return.
Indeed. It is important to e-Verify the return. Unless the ITR is not verified, the return will not be processed by the Income Tax Department (ITD). Furthermore, the return should be e-Verified within 120 days of e-Filing.
Taxpayers can verify their return by signing and submitting the ITR-V acknowledgment form to CPC Banglore. This process is lengthy and less effective as it takes a longer time for the Income Tax Department (ITD) to process the return. Hence, it is advisable that the returns be verified online.
No, you can not e-verify ITR after 120 days. However, the IT Department provides relaxation to the above rule sometimes and allow the taxpayer to e-verify all the pending ITRs.