ITR filing for FY 2017-18: How to verify return of income

ITR filing for FY 2017-18 How to verify return of income

Business

New Delhi: It is that time of the year again –when tax payers are all set to complete the annual ritual of filing their income tax returns (ITR).

The last date for filing the ITRs is July 31. The most basic – ITR-1 or Sahaj – is to be filled by the salaried class of taxpayers. If you are yet to file your ITR, you must do it before the deadline. But if you have already filed your ITR, you must know that after being filed your ITR has to be verified.

An income tax return filed by the assessee will not be considered valid until it is verified.
Here is how to salaried class of taxpayers can verify their return of income

– Return of income can be verified by the individual himself.

– It can also be verified by persons authorised on his behalf as mentioned in section 140 of the Income-tax Act.

– In cases where an authorised person is verifying your return, permanent account number of the authorised person is required to be mentioned in verification.

– If the return is furnished in paper form, you will have to complete the Verification Section, fill date and Sign in the space given.

– Without a valid signature, your return will not be accepted by the Income- tax Department.

– If the return is furnished electronically, you will have to do the following:

(i) under digital signature

(ii) under electronic verification code

(iii) by submitting the verification of return in Form ITR-V.

Under the tax laws, any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 with rigorous imprisonment and with fine.

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