Latest news with #ITR-V
News18
4 days ago
- Business
- News18
Missing ITR Verification Deadline? Here's What Happens And How to Avoid It
The Income Tax Department has outlined several convenient ways to confirm your return online. As per the instructions issued by the Central Board of Direct Taxes (CBDT), taxpayers are now required to verify their Income Tax Return (ITR) within 30 days from the date of filing. Failure to do so will render the return void, potentially resulting in penalties, processing delays and forfeiture of tax advantages. This shorter verification window, previously set at 120 days, has been applicable since August 1, 2022. Without verification, even if your return is accurate and filed on time, it will be rejected and you could be liable to pay penalties under Section 234F of the Income Tax Act. The Income Tax Department has outlined several convenient ways to confirm your return online. You may fulfil this step securely by opting for Aadhaar OTP, net banking, or by generating an electronic verification code linked to either your pre-validated bank account or demat account. How To E-Verify ITR Online advetisement Other Ways Of Verifying ITR Another convenient method to complete e-verification is by accessing your net banking account and selecting the relevant option under the e-Verify ITR section. If you prefer the offline route, you can sign the ITR-V form in the specified format and as per the given instructions and post it, either by ordinary mail or speed post, to the Centralised Processing Centre (CPC), Income Tax Department, Bengaluru – 560500, Karnataka. It is important to remember that for returns sent by speed post, the date on which the CPC receives the verified ITR-V will be taken into account when calculating the 30-day submission window. About the Author First Published:
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Business Standard
6 days ago
- Business
- Business Standard
ITR filed? Missing this post-filing step could mean no refund, more tax
According to the latest directive from the Central Board of Direct Taxes (CBDT), taxpayers must verify their Income Tax Return (ITR) within 30 days of submission. If not, the return will be considered invalid, triggering penalties, delays, and loss of tax benefits. This reduced time limit, earlier 120 days, has been in effect since August 1, 2022. Why e-verification matters 'Many taxpayers mistakenly assume that filing the return completes the process,' says Niyati Shah, chartered accountant, vertical head of personal tax at 1 Finance. 'But unless you verify your return, the Income Tax Department doesn't treat it as filed at all,' she said. 'Verification acts as the official acknowledgement of your return. Without it, even a timely and accurate ITR gets invalidated, exposing the filer to penalties under Section 234F,' added Shefali Mundra, tax expert at ClearTax. Echoing this, Mrinal Mehta, chartered accountant, joint secretary of Bombay Chartered Accountants' Society, explains, 'If you verify after the 30-day window, the date of verification is treated as the filing date. This triggers all late-filing consequences like interest, penalty and loss of carry-forward of losses.' The steep price of a simple mistake In a recent case, a salaried individual, who forgot to verify his ITR, lost the ability to carry forward capital losses from equity trading. 'When he came to us two months later, his return had already been declared invalid,' Shah notes. In another case, a taxpayer missed the 30-day deadline. 'He faced a Rs 5,000 penalty, lost interest on his tax refund, and got pushed into the new tax regime, which led to higher taxes,' says Mundra. Mrinal Mehta recalls a client who was overseas and couldn't receive the OTP for e-verification. Despite later verifying the return, the delay meant it was treated as a belated return and the client forfeited significant capital loss carry-forward benefits. Why do people forget to verify? Experts list several reasons: Misunderstanding that filing is enough Missing reminder emails/SMS from the IT department OTP-related technical issues Delays in sending the physical ITR-V form No professional guidance during filing What's the easiest way to verify your ITR? According to the CBDT, there are multiple methods of e-verification: Aadhaar OTP (most preferred by individuals) Net banking login Demat or bank account EVC Digital Signature Certificate (for professionals and firms) Bank ATM Sending a signed ITR-V to CPC Bengaluru (physical mode) 'Aadhaar OTP is the most seamless option for individual taxpayers,' says Shah. 'It's instant and doesn't need any login credentials apart from the OTP,' she adds. 'For non-corporates, Aadhaar OTP is the fastest. But for audited entities, DSC is a reliable digital option,' adds Mehta Bottom line: Don't delay, verify With tighter timelines and digital oversight, experts urge taxpayers to complete verification immediately after filing. 'It's not a procedural formality, it's a statutory safeguard,' says Shah. 'Missing it could cost you more than just time.'
Mint
6 days ago
- Business
- Mint
Filed ITR? Your income tax return will become invalid if you don't do THIS step within 30 days
Income tax returns: The Income-Tax (I-T) Department has noted that when filing your returns all assessees must complete the process by completing e-verification of their ITR filing. In fact, not doing so within 30 days after filing your returns may result in your ITR refund getting delayed due to 'invalid' or 'incomplete' process. The tax department has clarified that you can complete the requirement on the e-filing portal using Aadhaar OTP, net banking, or electronic verification code (EVC) generated using a pre-validated bank account or pre-validated demat account, to ensure a secure and hassle-free process. Go to the income tax department's e-filing portal here ( Click on 'e-Verify Return'. You need to enter your PAN, assessment year for which the verification is being done (2025-26), and acknowledgment number. Alternatively, you can also log in with your PAN and password, then go to 'My Account' and then click 'e-Verify Return'. The new page will then display the file for which verification is pending. Click on 'e- verify' where you will be shown three options: 1) I already have an EVC to e-verify my return. 2) I do not have an EVC and I would like to generate EVC to e-verify my return. 3) I would like to use Aadhaar OTP to e-verify my return. In case of successful e-verification, an acknowledgment will be sent to you. Another simple way to e-verify is by logging into the net banking portal and navigating through the e-verify ITR segment. You can also verify through Aadhaar OTP to the mobile number registered and mapped with Aadhaar to confirm and e-verify the returns. EVC through bank ATM can be done; or Duly Verified ITR-V in the prescribed format and in the prescribed manner can be sent through ordinary or speed post or other mode to the following address only: Centralised Processing Centre, Income Tax Department, Bengaluru - 560500, Karnataka. In case of ITR-V sent through speed post, the date on which the duly verified ITR-V received at CPC shall be considered for the purpose of determination of the 30 days period. The Authorised signatory or representative can e-Verify the return on behalf of the assessee using any of the following methods: Aadhaar OTP: OTP will be sent to the number registered with Aadhaar. Net Banking: EVC generated through net banking will be sent to the mobile number and email ID registered with the e-Filing portal. Bank Account / Demat Account EVC: EVC generated through the pre-validated and EVC-enabled bank account / demat account will be sent to the mobile number and email ID registered with the e-Filing portal. Where the return of income is uploaded within due date but e-verified or ITR-V submitted after 30 days of uploading, in such cases the date of e-verification / ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the act shall follow, as applicable. The date on which the duly verified ITR-V received at CPC shall be considered for the purpose of determination of the 30 days period. It is further clarified that where the return of income is not verified after uploading, such return shall be treated as invalid.
India.com
05-08-2025
- Business
- India.com
Income Tax Return Filing: Missing 30-Day E-Verification Deadline? Your ITR...
New Delhi: As of now, for the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26, around 2.51 crore returns have been filed. Out of these, 2.43 crore returns have been verified, and 1.13 crore verified returns have been processed. The income tax portal has 13.21 crore individual registered users. The deadline for filing ITR for taxpayers who had July 31, 2025, as the deadline has been extended to September 15, 2025. It is important to understand that filing an ITR is not complete unless the return is e-verified. Verification confirms the return's authenticity, and without it, the ITR is treated as invalid. e-Verification is the easiest and fastest way to complete this step. Time limit for e-verification or submitting ITR-V: You must e-verify your ITR or send the signed ITR-V form within 30 days of filing your return. What happens if you e-verify within 30 days? If you submit your ITR and e-verify or send ITR-V within 30 days, the date of filing your return will be the original date you uploaded it. What if e-verification or ITR-V submission is late (beyond 30 days)? If you verify after 30 days but before the extended deadline, the date of your e-verification/ITR-V submission becomes the official filing date. This means your return is considered late, and you may face consequences like penalties for late filing under the Income Tax Act. If you do not verify at all, your return will be considered invalid as if you had not filed it. Penalties for not e-verifying in time: Failure to verify within 30 days may attract a penalty of Rs 5,000 under Section 234F. Additionally, your ITR will not be processed, and you won't get any tax refunds until the return is verified. You can request condonation for delayed verification by giving a valid reason, but your return will be considered valid only after approval from the Income Tax Authority. Ways to e-verify your return: Using OTP on your Aadhaar-linked mobile number Using Electronic Verification Code (EVC) generated via your pre-validated bank account EVC generated through your pre-validated demat account EVC through ATM (offline method) Via Net Banking Using Digital Signature Certificate (DSC) If you choose to verify offline: Send the signed physical copy of ITR-V by ordinary or speed post to the address: text Centralised Processing Centre, Income Tax Department, Bengaluru - 560500, Karnataka. Additional information on processing and refunds: The Income Tax Department has sped up processing times drastically, reducing average processing time from over 90 days (in past years) down to around 17 days for AY 2025-26. However, delays in refunds may still occur due to stricter scrutiny of returns and verification of past assessments. Refund status can be checked online on the income tax portal after e-verification. Why e-verification is crucial: Without verification, the Income Tax Department treats your return as not filed. You won't receive refunds. You may face penalties and lose the ability to carry forward losses. Loan approvals or visa applications that depend on tax returns may get affected. Always verify your ITR within 30 days of filing to avoid these issues and complete your tax compliance smoothly. If you miss the deadline, act quickly to request condonation to regularize your return.
Economic Times
05-08-2025
- Business
- Economic Times
Filed ITR will become invalid unless verified within 30 days from this date
ET Online ITR e verification As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 progresses, 2.51 crore returns have been filed so far. Of these, 2.43 crore have already been verified, and 1.13 crore verified returns have been successfully processed. The income tax portal currently has a total of 13.21 crore individual registered users. The income tax return filing deadline has been extended to September 15, 2025 for all those taxpayers for whom it was earlier July 31, 2025. ITR filing deadline: What is the last date for filing returns for taxpayers not requiring an audit? It is important to note that ITR filing is incomplete unless the ITR is e-verified. You need to verify your Income Tax Return to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid. e-verification is the most convenient and instant way to verify your ITR. What is the time limit for e-verification of ITR or submission of ITR-V? The last date to e-verify return is 30 days from filing the return of income. Here is a look at what happens if you don't e-verify your income tax return before the 30-day deadline as per the FAQs on the Income Tax Department website. What will be the date of furnishing the return of income if ITR-V is submitted within 30 days of transmission of data? If the return of income is uploaded and ITR-V is submitted within 30 days of uploading then in such cases the date of uploading the return of income shall be considered as the date of furnishing the return of income. ITR filing 2025: Who can file ITR-2, who cannot file it for FY 2024-25 (AY 2025-26)? What will happen if e-verification is done or ITR-V is submitted beyond the time limit of 30 days? Where the return of income is uploaded within due date but e-verified or ITR-V submitted after 30 days of uploading, in such cases the date of e-verification/ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Income Tax Act shall follow, as applicable. The date on which the duly verified ITR-V received at CPC shall be considered for the purpose of determination of the 30 days period. It is further clarified that where the return of income is not verified after uploading, such return shall be treated as invalid. What are the different ways in which you can e-verify returns? You can e-verify your returns online using:OTP on mobile number registered with Aadhaar, orElectronic Verification Code (EVC) generated through your pre-validated bank account, orEVC generated through your pre-validated demat account, orEVC through ATM (offline method), orNet Banking, orDigital Signature Certificate (DSC). What is the address at which ITR-V needs to be sent? Duly Verified ITR-V in the prescribed format and in the prescribed manner shall be sent either through ordinary or speed post or any other mode to the following address only: Centralised Processing Centre, Income Tax Department, Bengaluru - 560500, Karnataka. N.R. Narayana Murthy Founder, Infosys Watch Now Harsh Mariwala Chairman & Founder, Marico Watch Now Adar Poonawalla CEO, Serum Institute of India Watch Now Ronnie Screwvala Chairperson & Co-founder, upGrad Watch Now Puneet Dalmia Managing Director, Dalmia Bharat group Watch Now Martin Schwenk Former President & CEO, Mercedes-Benz, Thailand Watch Now Nadir Godrej Managing Director, of Godrej Industries Watch Now Manu Jain Former- Global Vice President, Xiaomi Watch Now Nithin Kamath Founder, CEO, Zerodha Watch Now Anil Agarwal Executive Chairman, Vedanta Resources Watch Now Dr. Prathap C. Reddy Founder Chairman, Apollo Hospitals Watch Now Vikram Kirloskar Former Vice Chairman, Toyota Kirloskar Motor Watch Now Kiran Mazumdar Shaw Executive Chairperson, Biocon Limited Watch Now Shashi Kiran Shetty Chairman of Allcargo Logistics, ECU Worldwide and Gati Ltd Watch Now Samir K Modi Managing Director, Modi Enterprises Watch Now R Gopalakrishnan Former Director Tata Sons, Former Vice Chairman, HUL Watch Now Sanjiv Mehta Former Chairman / CEO, Hindustan Unilever Watch Now Dr Ajai Chowdhry Co-Founder, HCL, Chairman EPIC Foundation, Author, Just Aspire Watch Now Shiv Khera Author, Business Consultant, Motivational Speaker Watch Now Nakul Anand Executive Director, ITC Limited Watch Now RS Sodhi Former MD, Amul & President, Indian Dairy Association Watch Now Anil Rai Gupta Managing Director & Chairman, Havells Watch Now Zia Mody Co-Founder & Managing Partner, AZB & Partners Watch Now Arundhati Bhattacharya Chairperson & CEO, Salesforce India Watch Now
