Six Ways To Get Your Income Tax Returns Verified Electronically
Posted on October 01 2020
Many taxpayers who have already e-filed their income tax returns or will be doing so before the due date of july 31 will fling a sigh of relief, congratulations to those who have already got their income tax return filed in time! now starts the waiting period to get your tax refund or getting a confirmation from the tax department that your income tax return is processed. but none of this happens unless you complete a necessary step in your income tax return filing process i.e., verification of your income tax return (itr).
Income tax returns should be verified after submission. This process includes signing a physical copy of your ITR-V and sending it via speed post to the CPC, Bengaluru. The process involved endless waiting and of course the fear of them misplacing your ITR-V. But the Income Tax Department has embraced technology with a relish. Many means of electronic verification have been established. You can choose any of these means to verify your income tax return and skip the sending the physical copy of ITR-V to CPC, Bengaluru.
Net banking – Perhaps the fastest and the easiest way to verify your income tax return is via net banking. All you need is to login to your net banking account and look for an option that says ‘e-file your income tax return’ or similar. After choosing this option, it will take you to the income tax department site automatically. Once the income tax department site appears then you can click on ‘my pending actions’. Choose the ‘e-verify’, it will ask you a question whether you want to verify your income tax return. After you click on yes then an EVC is automatically applied to your income tax return and it is verified. This completes your income tax return filing process. Verifying via this option is necessary if you are claiming for a refund.
Aadhaar OTP – The other option to verify is via the Aadhaar OTP. If you have an Aadhaar card then you can link it on the Income Tax Department website. Your Aadhaar card number will be linked to your PAN after verification. After your Aadhaar number has been verified, an OTP will be generated and sent to your mobile number. Use this OTP to e-verify your income tax return. Note that the Aadhaar OTP as EVC is only valid for 10 minutes.
EVC code generated on the I-T Department website – Those with total taxable income under Rs 5 lakh can also verify via the EVC code generated on the Income Tax Department website. This EVC code is sent to your mobile and email ID and is valid for 72 hours only. To get the EVC to your email address/phone number then go to the e-File tab and then choose Generate EVC. After that you will find four options given. Select the first option –‘I already have an EVC and I would like to submit EVC’. Provide the EVC in the text box. Click Submit. Your income tax return will be verified.
Bank details — Taxpayers can provide their bank details under the Profile Settings menu on the Income Tax Department website. The following details have to be provided like bank account number, IFSC code, email ID and mobile number. These details will be verified along with the PAN and name with the particulars registered with the bank. Once the details are successfully verified, a taxpayer can choose for Generate EVC by using the bank account details while verifying their income tax return. EVC will be sent to the taxpayer’s email ID and/or the mobile number verified from the bank. This facility is currently applicable via Punjab National Bank.
Demat account — Taxpayers can provide demat account details under the Profile Settings menu on the Income Tax Department website. A taxpayer has to provide the few details like Demat account number, email ID and mobile number. These details will be verified along with the PAN and Name with the particulars registered with the depository (CDSL/NSDL). Once the details are successfully verified, the taxpayer can choose for Generate EVC by using DEMAT account details while verifying their income tax return. EVC will be sent to the taxpayer’s email id and/or mobile number verified from the CSDL/NSDL.
ATM – Taxpayers now can verify by generating an EVC code through ATMs if they do not have net banking facility. The facility has been launched with SBI and Axis Bank ATMs.
The Income Tax Department has made applicable so many ways to verify income tax returns by electronically. Try and choose for this time e-verify, once you have successfully e-verified then there is no need to send the physical ITR-V to CPC, Bengaluru.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.