Income Tax Return Mismatches: E-Verification Scheme Introduced

Income Tax Return Mismatches: E-Verification Scheme Introduced: We understand that as a business owner or individual, filing income tax returns can be an intimidating process. In today’s digital age, the process has become easier, but it can still be confusing, especially if you are a first-time filer.

Gross Direct Tax collections for FY 2022-23 upto 10th March, 2023 are at Rs. 16.68 lakh crore, higher by 22.58% over gross collections for corresponding period of preceding yr. Net collections at Rs. 13.73 lakh crore are 16.78% higher than net collections for same period last yr.

In this article, we will discuss the recent introduction of the e-verification scheme by the Income Tax Department, aimed at making the process more accessible and user-friendly.

Understanding the e-verification scheme

The e-verification scheme is an initiative introduced by the Income Tax Department to help taxpayers verify their income tax returns electronically. This scheme is primarily aimed at simplifying the verification process and reducing the time it takes to complete it. The scheme has been introduced to counter the problem of mismatches in income tax returns, which can often cause delays in processing and verification.

How does the e-verification scheme work?

The e-verification scheme works by allowing taxpayers to verify their income tax returns through a secure electronic process. Taxpayers can use any one of the following methods to verify their returns:

1. Aadhaar OTP (One Time Password) verification: This method involves the use of the Aadhaar card and a one-time password to verify the return.
2. Net banking: Taxpayers can use their net banking credentials to verify their returns.
3. Bank ATM: This method involves using an ATM to verify the return.
4. Bank account number: Taxpayers can provide their bank account number to verify their returns.

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Benefits of the e-verification scheme

The e-verification scheme offers several benefits to taxpayers. The scheme is convenient, easy to use, and saves time. Additionally, the scheme is secure and reliable, ensuring that taxpayers’ information remains safe and confidential.

How to e-verify your income tax return

To e-verify your income tax return, follow the steps outlined below:

1. Visit the Income Tax e-filing website (www.incometaxindiaefiling.gov.in).
2. Login to your account using your user ID and password.
3. Click on the ‘e-verify’ option.
4. Select the method of verification you want to use.
5. Follow the instructions provided to complete the verification process.

PAN-Aadhaar Linking is mandatory for Every Individual (Not applicable if you fall under exempt category) Whether you are filing Income Tax Return or Not doesn’t matter in Linking of PAN-Aadhaar Link PAN-Aadhaar before 31/03/23 with payment of Rs.1000 else PAN become inoperative.

Conclusion: Income Tax Return Mismatches

The e-verification scheme introduced by the Income Tax Department is a step towards simplifying the income tax return verification process. The scheme offers several benefits to taxpayers and is convenient, easy to use, and secure. By using the e-verification scheme, taxpayers can ensure that their income tax returns are processed and verified without any delays.

e-Verification Scheme has been introduced by ITD to encourage voluntary tax compliance & facilitate a transparent & non-intrusive tax administration. Using technology, information of such financial transaction is shared with taxpayers as is unreported/under-reported in the ITR.

Visit Official Website: https://incometaxindia.gov.in/