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How to e verify ITR using Demat Account

Updated on: 21 May, 2024 06:31 PM

If you are using this option then it is a prerequisite for your Demat account number to be pre-validated.

Important: e-verify your income tax return within 30 days, else your return will be considered as not filed.

Step 1: Visit https://www.incometax.gov.in/iec/foportal/ website & log-in to your account by entering your User ID (which is PAN) and Password. After that, click on tab “My Account E-File” & from the drop down menu, select option “Income Tax Returns”. Then go on “E- Verify Return”..

log-in to your account by entering your User ID

Step 2: Now you’ll be able to see the list of ITR(s) filed and pending for verification. Here click on the “e-Verify” button.

click on the “e-Verify” button

Step 3: Here, from the options, select Option “ Generate EVC - Through Demat Account Number”.

Generate EVC - Through Demat Account Number

Step 4: If your demat account is not prevalidated or added then a box will automatically appear asking to “Prevalidate your Demat Account” and you will be redirected to the following page to add demat details and to prevalidate the same

Prevalidate your Demat Account

Step 5:Fill the required details like Depository Type (CDSL, NSDL), Mobile Number & Email ID. Once you fill in all the information, click on the “Prevalidate” button. A request will be sent to the depository to validate it.

Prevalidate

Step 6: Once the account is pre validated then, click on the option Enable EVC. Then just click on option - Yes to generate EVC. Enter the EVC which will come on your mobile number which you have provided in your Depository. You're done with it. Please refer the attached screenshot for reference-

click on option - Yes to generate EVC

Note: If your Demat account is already pre validated then step 4 and 5 are not for you. Just enter the EVC and your return would be e-verified.


Frequently Asked Questions

Q- Can a demat account be opened in trust name?

Yes if trust is registered then a demat account can be opened in the name of trust.


Q- How can I change my name in the NSDL demat account?

Following documents are required along with the account modification form with annexure B duly signed by the holder whose name is being changed along with the self-attested PAN copy and the Required Documents:

  • Change of Name Application From
  • KYC Form
  • Copy of New Name Pan Card
  • Copy of New Name Address Proof
  • Copy of New Name Bank Details (Cancelled Cheque)

Q- Can I have a joint demat account?

Yes u can have joint demat account along with two joint holders as demat account can have maximum three account holders i.e. one main holder and two joint holders.


Q- How do you share a demat joint?

First open demat account in joint name then submit the share certificates to broker for dematerialisation then transfer shares from joint holder account to single holder account though Delivery Instruction Slip Book (DIS Book)


Q- Can a company open a demat account?

Yes they can open following demat accounts in India: Resident Individuals Demat Account or NRI Demat Account


Q- Can a minor have a demat account?

Yes minors can have a demat account but it is operated by a guardian till minor becomes major.


Q- Can a private limited company open a demat account?

Private Company can open DEMAT Account. Ensure that Private Company’s MOA & AOA support such activity and it complies with RBI regulations.


Q- How do I know what my Demat account type is?

If Demat Account number starts with alphabets then it is provided by NSDL. If your demat account number starts with Numeric then it is provided by CDSL.


Q- How can I open a demat account online?

First select the Depository Participant you want to demat account with and fill the opening form along with copies of the required documents and a passport-sized photograph.


Q- What documents do we need to have to open a demat account?

Documents required to open a demat account

  1. Proof of Identity (Eg.: Driving license)
  2. Proof of Address (Eg.: Passport)
  3. Proof of Income(Eg.: Copy of ITR Acknowledgement)
  4. Proof of Bank Account (Eg.: Cancelled cheque)
  5. PAN Card.

Q- How much would it cost to open a Demat account?

Most banks allow investors to open demat accounts free of cost but Stock broking companies charge an account opening fee which ranges from 250 to 750.


CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.