SHORT ANSWER:
The ITR (Income Tax Return) verification process is a procedure to confirm the authenticity of the income tax return filed by an individual or entity.
DETAILS:
- Taxpayers must verify their ITR within 120 days of filing to ensure it is processed.
- Verification can be done electronically through e-verification methods like Aadhaar OTP, net banking, or by sending a signed physical copy of ITR-V to the Income Tax Department.
PUNISHMENT / IMPLICATIONS (if applicable):
- Failure to verify the ITR may lead to the return being treated as invalid, and the taxpayer may face penalties or issues with tax assessments.
SOURCE:
- Income Tax Act, 1961
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