- Last Date to File ITR for FY 2022-23 (AY 2023-24) - Income Tax Return Due Date
- Income Tax Return (ITR) Filing FY 2022-23 (AY 2023-24): How to File ITR Online India
- Documents Required for Income Tax Return (ITR) Filing in India FY 2022-23 (AY 2023-24)
- How to Calculate Income From House Property
- 80G Deduction: Claim Tax Benefits on Donations to Charitable Institutions
Good News : Two more modes for E-verification of Income Tax Return introduced!
It’s time to rejoice for the tax payers as the Income Tax Department is all set to simplify the procedure of e-verification for Income Tax Returns.
At present, there are 3 methods for e-verifying the Income Tax Return:
- Login to E-filing through Net banking
- Aadhaar OTP
- EVC received on registered mobile number and e-mail I’d.
Two more modes i.e. e-verifying through Bank account details and De-mat account details are added to the existing basket of e-verification process.
Why are these actions taken?
In order to promote the paperless verification of ITRV, the Central Board of Direct Taxes (CBDT) has introduced two more approaches for the generation of electronic verification code (EVC) for e-verifying the Income tax returns. CBDT aims at completely eliminating the existing practice of sending ITRV/ Acknowledgements to CPC, Bengaluru in paper form via post.
E-verifying through Bank account details:
In this method, the assessee needs to pre-validate bank account details on the e-filing website of IT department.
The assessee will have to provide Bank account number, IFSC code, an e-mail id, mobile number and it will be verified from the details of taxpayers registered with banks.
Generated EVC will be sent by e-filing portal to the taxpayer’s email-id and or mobile number verified from banks” as said by CBDT
A list of banks who will participate in the above process will be provided on the Income Tax website.
E-verifying through D-mat account details:
In this second method, the assessee will provide the D-mat account number, an e-mail id and mobile number. These details will be verified from the details with the depository (CDSL/ NSDL).
“Generated EVC will be sent by the e-filing portal to the taxpayer’s email-id and or mobile number verified from CDSL/NSDL.” as said by CBDT.
The existing methods of e-verification have certain limitations:
- The EVC method of e-verification is limited to the taxpayers whose taxable income is below Rs. 5,00,000 and there is no tax refund.
- In the case of Aadhaar OTP method, the OTP is sent to the mobile number registered with Aadhaar. In most of the cases, the mobile number registered with Aadhaar gets changed or lost. Further, many assessees don’t even own Aadhaar card.
The addition of two more modes to e-verification process will benefit the small tax payers as mostly all of them are having bank accounts and these changes will further make the processes of IT Dept hassle free and transparent in the long run.