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Thursday, May 25, 2017

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

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Call us on 94 8300 8300




 

 

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