Tag: demat account number

A phone call between two friends leads to a conversation on verifying the income tax return

Akhila: I finished filling my income tax return a few days back. Now, it prompts me to verify the return by filing ITR 5 return. Why one more !

Karthik: Arrey! It is not ITR 5, it is ITR V – (roman number), which is the Acknowledgement form for filing your return. It should not be confused with ITR 5 which is the tax return to be filed by firms, Association of Persons (AOPs) and Body of Individuals (BOIs).The tax return filing process is not complete unless you file the ITR V.

Akhila: Ok! I thought I could let it go, since my major work of filing the return is over. Now tell me how to file this ITR V?

Karthik: If you want to do it manually, download the Acknowledgement form or Form V from the income tax website. One copy of ITRV, after being duly signed, should be sent to the Income Tax Department’s office in Bengaluru. Note that it should be mailed only through ordinary post or speed post and not by courier.

Akhila: By the way, is there an option to do it digitally?

Karthik: Yes, you can also complete the process of verification electronically. You can e-verify your tax return using either your net banking account/ Aadhaar OTP/ or using an electronic verification code (EVC) generated through bank account number or demat account number.

Akhila: How to do with net banking option?

Karthik: Once you login into your net banking, you will find somewhere in the list of services being provided by bank, an option to e-verify.

Once you select that, it will be redirected to the income tax portal where you should follow a few self-explanatory steps, post which, the e-verification of ITR will be done.

Akhila: That’s simple. What about the Aadhaar OTP step?

Karthik: That’s even simpler if your Aadhaar number is linked to your PAN card. You can select the option – I would like to generate Aadhaar OTP to e-Verify my return, on the income tax website, while verifying your returns.

You will get your OTP (one-time Password) on your registered mobile number which should now be entered to complete the process of e-verification of your income tax returns.

Akhila: Is there any due date to verify the return?

Karthik: As per income tax laws, the ITR V must be verified within 120 days from the date of filing ITR. Otherwise, the filed ITR will be treated as invalid. On successful verification, the acknowledgement can be downloaded from e-filing portal as a proof of completion of process of filing the ITR.