Only filing your income tax return is not enough. Until you verify the ITR, e-filing of your income tax return will not be treated as completed and not only you will not get the refund amount, if any, but the Income Tax Department may also issue a notice for non-filing of the return. Unless the ITR is verified within 120 days from the date of filing of the return, it will get canceled automatically and any subsequent filing will be treated as fresh filing and may attract a late fee.
When asked what would happen if a taxpayer fails to verify his/her ITR on time, CA Karan Batra, Founder and CEO of CharteredClub.com, said, “He/she will have to again file his/her ITR from scratch and it would be considered as late filing of ITR and late filing penalty would be levied.”
So, it is better to verify the return at the time of filing, unless there is an issue in instantly getting Aadhaar OTP (one time password) or generating EVC (Electronic Verification Code), etc.
However, even if you fail to verify your return just after filing it, you may verify it withing 120 days from the date of filing, either by sending it to the Income Tax Department’s Centralised Processing Centre (CPC), Bengaluru, by post (ordinary post or speed post and not through courier) or online by generating Aadhaar OTP or EVC.
But what would happen if you want to verify your return online on the last day (i.e. 120th day from the date of filing ITR) and unable to remember the e-filing password? To solve the issue, the I-T Department has incorporated an option in the incometaxindiaefiling.gov.in site, which allows an assessee to e-verify his/her return without log in.
To e-verify your return through the link, which is available on the left panel of the site, you will need the Acknowledgement Number of the ITR that you are going to verify along with your PAN and the Assessment Year for which the return is filed.
“Income Tax Department is launching ‘e-verify return’ for e-verification of ITR without log in. The same can be accessed by clicking ‘e-verify return’ button in home page under ‘Quick Links’,” said the I-T Department.
At the time of e-verification of the return through the link, you will have the following three options, which were otherwise available by clicking on ‘e-Verify Return’ under the ‘My Account’ tab only after logging in the e-filing site:
Option 1 – I already have an EVC to e-verify my return.
Option 2 – I do not have an EVC and I would like to like to generate EVC to e-verify my return.
Option 3 – I would like to use Aadhaar OTP to e-verify my return.
You may click on any of the above options according to your convenience and e-verify your return.
However, the option to e-verify return without log in is available for the ITR filed for the AY 2019-20 onwards and to e-verify return for any year prior to this, you have to log in to the e-filing site.