Completed ITR filing, what next?

The first thing that a taxpayer should do after uploading his/her ITR is to verify and sign the same. The income-tax department provides two methods for verification, electronic or manual. There are different options for verification available under the electronic method. In case of tax returns which are required to be audited, a taxpayer can verify and sign the ITR electronically with a digital signature. In case of other type of tax returns, which would typically be Form ITR 1, or ITR 2 or ITR 4, the electronic verification can be completed using an Aadhaar-enabled one-time password or through net-banking or even through a demat account. In case a taxpayer is unable to use any of the electronic verification modes, verification can be done manually by dispatching a hard copy of the signed ITR acknowledgement (in form ITR-V) through speed post to the income-tax department’s centralized processing cell located at Bengaluru. It is important to note that the verification needs to be completed within 120 days of filing the return, else the return would be considered as invalid.

Vikas Vasal
Partner, Grant Thornton India LLP

This article appeared in Live Mint on 15th Aug, 2019.