Skip to main content

Use ATM to e-verify Income Tax Return


Use an ATM to e-verify your income tax return

Recently, State Bank of India and Axis Bank have started offering this facility



Every year, when the last date for filing IT returns approaches, income tax assesses crowd tax-filing kiosks and the income tax department's website.

The usual last date is 31 July. During the assessment year (AY) 2015-16, more than 1.4 million returns were filed on 31 August (8% of all the returns filed till then). That year the deadline was extended by a month to 31 August and then again to 7 September.


Similarly, about 1.7 million returns (13% of all the returns till then) were filed on 31 July during AY2014-15, when the last date was not extended. In the last-minute rush, as in other spheres of life, what can go wrong, will go wrong.


Plus, the process of filing the return is not complete till you verify it. Ideally, this verification should be done after uploading your return, so that you have a chance to rectify any errors. With last-minute filings, you miss out on this last chance, which could cost you in the not so distant future.


Thankfully, this verification is pretty simple to do.


You can do it electronically or by sending a signed copy of the ITR-V (acknowledgement-cum-verification) form over ordinary post. Without one of these, your ITR will not be processed by the department.


Generating the EVC
To verify electronically you need an electronic verification code (EVC), a 10-digit alphanumeric code. When you have it, you should log in to the e-filing website

http://incometaxindiaefiling.gov.in/ and enter it in the 'e-verify Return' section. Your tax filing process for the year is complete only after you do so.


An EVC can be generated through various methods. Once generated, it is valid for 72 hours. In case the code lapses, you can generate it again.


You can use this code to e-verify during or after uploading your return on the e-filing portal.


To e-verify after uploading the ITR, log in to the e-filing website and click the "e-Verify Return" option. Here you can choose how to generate the EVC. To generate it using Net banking, log in to your tax account with your bank or demat account number. The EVC will be delivered to your mobile or e-mail, which is registered with this account.


If you don't want to use Net banking, link your e-filing account with your Aadhaar. Once this is done, you can get the EVC on your mobile.


Generating EVC through ATM
The department also allows e-verification using ATMs. Recently, State Bank of India and Axis Bank have started offering this facility. Other banks are expected to follow


To use this facility, swipe your ATM card and you will see the option 'PIN for income tax filing'. Select it to receive the EVC on your mobile number and email.







For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300




 

 

Popular posts from this blog

How to gauge the risk profile of your mutual fund portfolio?

MUTUAL funds are considered to be an investment option for those who do not generally devote a lot of time to monitoring and managing their portfolios. Investors experience both good as well as tough times as far as mutual fund investments are concerned. But while evaluating the portfolio of their equity mutual fund holdings there are a few points that one should check to know about the level of risk that they are facing. Often there are situations where there is a higher risk than what was estimated initially. Here are a few ways to evaluate various risk levels. Individual holding exposure : The portfolio of the equity fund where one has invested or plans to invest needs to be scrutinised to see whether the risk levels are such that could lead to a larger volatility in the holdings. Depending upon this factor and the risk taking ability of the investor the choice about a particular fund as an investment should be made. One key point to watch out is whether there is a large ex...
Read more

Tata Fixed Income Portfolio Fund dividend

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)       Tata Mutual Fund has announced dividend under the dividend option of Tata Fixed Income Portfolio Scheme B2 Plan A-DQ, Tata Fixed Income Portfolio Scheme B2 Reg-DQ and Tata Fixed Income Portfolio Scheme B2 Direct-DQ. The record date has been fixed as August 29, 2013. Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C. Invest Tax Saving Mutual Funds Onlin...
Read more

NRIs and direct taxes code (DTC)

DTC Proposes To Do Away With Special Provision That Allows NRIs Liberalised Duration Of Stay In Country      THE new direct taxes code could bring a large number of global Indians under the tax net, as it does away with a provision that allowed individuals to escape tax in any country citing double tax avoidance.    The new legislation, introduced in Parliament on Monday, says an individual shall be a resident of India in any financial year if he is in the country for more than 59 days in that year, and has been has been India for more 365 days in four preceding financial years. A number of Indian industrialists including Vedanta's Anil Agarwal and Essar's Ravi Ruia have acquired non-resident status over the years.    The DTC has only attempted to clean up the provision in line with the laws globally. A phrase "being outside India" in the existing income tax law exempted individuals who stay outside the country for six months from paying taxes. This was prone ...
Read more

Stick to Good Fund Manager who Can Multiply Your Investment

A manager may be the difference between the best and worst funds. Here's how you can find the right one    Does a mutual fund manager make a difference to your investment? The answer may not be as easy as you think, since most best-performing mutual funds have moved away from individualistic fund management to process-driven methods, limiting the scope of an individual's role in investment decisions. In fact, many fund managers would speak at length about how the "system" their fund house has in place makes their task of picking stocks easy even though it restricts their freedom. Still, the question is important, especially after recent reports that the Securities and Exchange Board of India ( Sebi ) may ask fund managers to disclose to investors their track record of managing money. Let us take a look at the universe of large-cap funds over the past five years. According to Value Research, an independent mutual fund tracking firm, the topper in the category is DSP...
Read more

Health insurance guide - Part I

Insurance, by definition, is morbid. What if I die suddenly? What if my home caught fire? What if I had to undergo expensive medical treatment? What if something that I thought happened only to others befell me? Insurers, who work with large samples, calculate the probability of such an event and, hence, the possibility of them having to pay out a sum of money to mitigate, to the extent possible, the effects of that disaster. However, the possibility of you undergoing some kind of expensive medical treatment during your lifetime is far more likely than you dying suddenly or your house burning down. Given that costs at private healthcare facilities, where you are most likely to land up, is high, and, doubling every four years 10 months or so, the rest of your money life could easily go out of whack if you had to incur such expenses. Just 12 per cent of India's population is covered with some sort of health insurance. Pared to the bone, for a comparatively small price, health insu...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now