Steps to E-verify Your Income Tax Return

E-verification of income tax returns (ITR) is a crucial step in ensuring your tax compliance is complete. This process confirms that the details you've submitted are accurate and that your return is successfully filed. For individuals with significant financial responsibilities, such as a home loan, ensuring that your ITR is correctly verified can help maintain a clean financial record, which is essential for future financial planning and loan approvals.

This guide will walk you through the steps to verify the e-verification of your ITR, making the process straightforward and efficient.

E-verification of income tax return

E-verification of income tax returns has revolutionised the way taxpayers authenticate their filed returns. In the traditional system, taxpayers were required to send physical documents to the Income Tax Department to confirm the authenticity of their returns. This process was not only time-consuming but also prone to delays and errors. However, with the advent of e-verification, this process has become streamlined, efficient, and user-friendly.

E-verification involves confirming the authenticity of your income tax return using electronic methods. This ensures that the return is valid and has been filed by the taxpayer, thereby eliminating the need for physical documentation. This method leverages modern technology to provide a seamless experience for taxpayers, ensuring that their returns are processed quickly and accurately.

Understanding e-verification of income tax returns

E-verification is a process that allows taxpayers to verify their income tax returns electronically. This process is crucial as it ensures the validity of the filed returns. When a taxpayer files their income tax return, it is essential to verify it to complete the filing process. Without verification, the return is considered invalid by the Income Tax Department.

The e-verification process can be completed through various methods such as using an Aadhaar OTP, net banking, a Digital Signature Certificate (DSC), or an Electronic Verification Code (EVC) generated through a bank account or demat account. These methods provide flexibility and convenience to taxpayers, allowing them to choose the most suitable option for their needs.

Benefits of e-verification

E-verification of income tax returns offers numerous benefits that make it an attractive option for taxpayers.

• Quick and convenient process: E-verification can be completed within minutes, making it a quick and hassle-free process. Taxpayers no longer need to send physical documents, which saves time and effort.
• Eliminates the need for physical documents: E-verification eliminates the need for sending physical documents to the Income Tax Department, reducing the risk of documents getting lost or misplaced.
• Immediate confirmation of verification: Once the e-verification is completed, the taxpayer receives immediate confirmation, ensuring that the return is successfully verified.
• Secure and reliable: E-verification methods are secure and reliable, providing a safe way to verify income tax returns without compromising personal information.

Eligibility and requirements

To e-verify your income tax return, you need to fulfil certain eligibility criteria and have the necessary requirements:

• A valid Aadhaar number linked with your PAN: Linking your Aadhaar number with your PAN is essential for e-verification using the Aadhaar OTP method.
• Access to net banking or a valid digital signature certificate (DSC): Net banking credentials or a DSC is required for specific e-verification methods.
• A registered mobile number with the income tax department: Ensure that your mobile number is registered with the Income Tax Department to receive OTPs and other verification codes.
  

Step-by-step guide to e-verification of income tax return

E-verification of income tax returns is a straightforward process. Follow these steps to complete the e-verification:

1. Visit the Income Tax e-filing portal and log in using your credentials.
2. Navigate to the 'View Returns/Forms' section to check your filed returns.
3. Select the return you wish to e-verify and click on the option to e-verify.
4. Choose from the available e-verification methods such as Aadhaar OTP, net banking, DSC, or EVC.
5. Follow the on-screen instructions to complete the verification process.
6. Once the e-verification is successful, you will receive a confirmation message indicating that your return has been verified.
   

Alternative methods of e-verification of income tax return

There are multiple methods available for e-verification of income tax returns, providing taxpayers with flexibility and convenience. Here are the alternative methods:

• Aadhaar OTP: This method uses a one-time password sent to your registered mobile number linked with Aadhaar. Simply enter the OTP on the e-filing portal to complete the verification.
• Net banking: Log in to your bank’s net banking portal and select the e-verify option. This redirects you to the e-filing portal, where the verification is completed.
• Digital signature certificate (DSC): Use your DSC to authenticate the return. This method is commonly used by businesses and professionals who possess a valid DSC.
• Bank account EVC: Generate an Electronic Verification Code (EVC) through your pre-validated bank account. Enter the EVC on the e-filing portal to verify the return.
• Demat account EVC: Similar to the bank account EVC, generate an EVC through your pre-validated demat account and use it to verify your return on the e-filing portal.
  

Consider Bajaj Housing Finance Home Loan

Now that you know the process of e-verifying your income tax return and optimising your tax savings, if you are in the market for a new home, consider availing a home loan from Bajaj Housing Finance. This strategic financial move not only propels you towards your dream of homeownership but also offers an avenue to amplify your tax benefits. By harnessing the deductions provided on home loan interest under Section 24 and principal repayment under Section 80C, you can significantly reduce your taxable income and bolster your overall tax savings.

With our competitive interest rates, flexible repayment options, and seamless processes, attaining your dream home while maximising your tax benefits is now within reach like never before. Here are a few benefits of opting for a home loan from Bajaj Housing Finance:

• Flexible repayment options: Benefit from extended repayment periods of up to 32 years, allowing you to choose a plan that best aligns with your financial situation, making repayment more manageable.
• Competitive interest rates: Start your journey to homeownership with attractive interest rates beginning at just 8.25%* p.a, and EMIs as low as Rs. 741/lakh*, making home ownership more affordable.
• Customisable loan options: Customise your home loan to suit your specific needs with varying loan amounts, repayment terms, and interest rates, providing you with greater control over the home-buying process.
• Top-up loan facility: Increase your financial flexibility with a top-up loan facility, offering additional funds of Rs. 1 crore* or higher, at competitive interest rates and minimal documentation, simplifying the management of a home loan balance transfer.

So, simplify your taxes while fulfilling your homeownership dreams with Bajaj Housing Finance Home Loan.