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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:
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.
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.
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.
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 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.
