An Income Tax Return (ITR) form must be submitted to the Department of Indian Income Tax (CBDT). It essentially consists of the disclosure of information regarding each individual’s earnings and yearly tax obligations. An ITR must have information specific to a fiscal year, which runs from April 1 through March 31 of the following year.
There are five primary sources of income, which include the following:
1. Salary income
2. Revenue from a business or profession 3. Income from real estate
4. Capital gains income
5. Income from additional sources, such as interest on deposits, dividends, royalties, lottery winnings, etc.
What makes me want E-Verification?
You must authenticate your income tax returns in order to finish filing your returns. If ITRs are not confirmed within the given time, they are deemed invalid. E-Verification is the most practical and quick technique to finish ITR verification.
Using your Aadhaar for e-verification of ITR
You can file your tax returns online by using your Aadhar Card.
Taxpayers are no longer required to send the 1-page ITR-V verification document to the Income Tax Department’s Bangalore office. Instead, clients can check their returns online using an Electronic Verification Code (EVC).
Defining the EVC code
When a taxpayer files their taxes online, a 10-digit alphanumeric code known as an Electronic Verification Code (EVC) is sent to the taxpayer’s registered mobile phone number. It helps establish the taxpayers’ identity. Under this category, both individuals and Hindu Undivided Families file taxes (HUF). The people are required to self-check their own returns, but the Karta is required to verify the HUF data. An EVC can be produced using the Income Tax Department’s electronic filing system.
How to link your Aadhar and PAN
To electronically authenticate your returns using an Aadhaar card, please make sure that your PAN card and Aadhar card are linked.
Follow these steps to link your Aadhar card to your ITR.
Access the Department’s online filing system.
After logging in, go to the fast links tab and choose & Link Aadhaar.
Enter your Aadhar number and review your PAN information. After entering these data, be sure to click the Save button. Your Aadhar number and PAN will be linked after approval.
E-Verification using Aadhaar Card
After connecting your Aadhar and PAN, complete the following steps to e-verify your returns:
Upload your ITR via the Income Tax e-Filing website.
After that, you will be given the option to select the return verification method. There will be the options listed below:
I already have an EVC to e-verify my return.
Since I don’t have one and I need to e-Verify my return, I want to generate an EVC.
I’d like to create an Aadhaar OTP so I can e-Verify my return.
I want to e-verify later or send an ITR-V.
Generate Aadhaar OTP is the third item on the menu. A 10-minute-long one-time password (OTP) will be sent to the registered Aadhaar cellphone number.
When you get to the last step, enter the OTP number and click “Submit,” a message will appear. Return with e-Verification completed. The Acknowledgement is available for download. The identical acknowledgment will be sent immediately to your registered email address. Your tax return has now been correctly filed and electronically checked.
To E-verify your Income Tax Returns contact https://www.phoenixtax.in/