Skip to main content

How to Get your Tax Returns Verified

 Several taxpayers who have already e-filed or will do so by the due date of July 31 will heave a sigh of relief. Congratulations on getting your taxes done in time! Now begins the wait for your tax refund. Or a confirmation from the tax department that your return is processed. But none of this happens unless you complete a crucial step in your return filing process — verification of your income tax return (ITR). Income tax returns must be verified after submission. This process means signing a physical copy of your ITR-V and sending it via speed post to CPC, Bengaluru.
 
The process involved endless wait and of course the fear of ITR-V getting misplaced. But the Income Tax Department has embraced technology with a gusto. Several means of electronic verification have been introduced. You can choose any of these means to verify your tax return and skip sending the physical copy of ITR-V.
 
Net banking – Possibly the fastest and easiest way to verify your tax return is via netbanking. All you need to do is login to your net banking account and look for an option that says 'e-file your tax return' or similar. This option will take you to the income tax department site automatically. Once the department site appears you can click on 'my pending actions'. Select 'e-verify', it will ask whether you want to verify your return. After you click on yes, an EVC is automatically applied to your return and it is verified. This completes your return filing process. Verifying via this option is mandatory if you are claiming a refund.
 
 
Aadhaar OTP – Another option to verify is via the Aadhaar OTP. If you have an Aadhaar card, you can link it on the Income Tax Department website. Your Aadhaar number will be linked to your PAN after validation. After your Aadhaar number has been validated, an OTP will be generated and sent to your mobile number. Use this OTP to e-verify your return. Note that the Aadhaar OTP as EVC is valid only 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 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. To get the EVC to your email address/phone number, go to e-File tab and select 'Generate EVC'. Now, you will see four options. 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 return shall be verified.
 
Bank details — Taxpayers can provide bank details under Profile Settings menu on www.incometaxindiaefiling.gov.in. The following details have to be provided: bank account number, IFSC code, email ID and mobile number. These details shall be validated along with PAN and name with the particulars registered with the bank. Once the details are successfully verified, a taxpayer can opt for 'Generate EVC using bank account details' while verifying their tax return. EVC shall be sent to the taxpayer's email ID and/or mobile number verified from bank. This facility is currently available via PNB. 
 
Demat account — Taxpayers can provide demat account details under Profile Settings menu on www.incometaxindiaefiling.gov.in. A taxpayer has to provide the following details:  Demat account number, email ID and mobile number. These details shall be validated along with PAN and Name with the particulars registered with depository (CDSL/NSDL).Once the details are successfully verified, the taxpayer can opt for 'Generate EVC using DEMAT account details' while verifying their tax return. EVC shall be sent to taxpayer's email id and/or mobile number verified from CSDL/NSDL. 
 
ATM – Taxpayers who do not have net banking facility can now verify by generating an EVC code through ATMs. This facility has been launched with SBI and Axis Bank ATMs.  The Income Tax Department has made available so many ways to electronically verify tax returns. Choose to e-verify this time. Once you have successfully e-verified, there is no need to send the physical ITR-V.



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

ICICI Prudential Dynamic Plan Invest Online

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   ICICI Prudential Dynamic Plan             Invest Online This fund does remarkably well during falling markets, but fails to show the same prowess during a rising market. The fund sticks to its mandate to adapt to the dynamic nature of the market by shuttling between debt and equity. It takes aggressive asset calls in equity when the market surges by investing in quality mid-cap stocks. At the same time, it adopts a defensive strategy by investing in debt and cash when markets get overvalued, making it a good long-term choice.     For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call     Leave a missed Call on 94 8300 8300   Leave your comment with mail ID and we will ...
Read more

Lump Sum or SIP?

Invest Mutual Fund Online     You have a lump sum in hand and you wish to invest in equity funds. However, you have heard a lot of talk about investing in equity funds through Systematic Investment Plans (SIPs) because they help average costs, ensure you do not ill-time the market, and help you invest in small sums, besides giving you many other advantages. So, should you invest the money you have in hand in one go, or let it remain in your bank account and then do an SIP? There is no harm in investing a lump sum amount. For all you know, compounding, over the long term, could work better with lump sum. However, make sure you fulfill all of these three criteria if you want to invest in one go. Else, SIP is the way to go. #1: You invest for the long term According to past data, ideally, if you have a time frame of 12 years or more, you can consider lump sum investing (provided you satisfy the other two conditions that follow). So, what is the sanctity behind 12 years? Is it because only...
Read more

Tax Returns: Myths and facts of filing your Tax Returns

THE fiscal year has ended and many choose to make tax-filling. Despite this being a regular, annual ritual, several tax payers have some misconceptions, some of which are listed below: Misconception No. 1 Filing tax returns is a complex and cumbersome process. I need a Chartered Accountant to help me file my tax returns. Contrary to popular belief, preparing and filing tax returns is actually quite simple. If you have a digital signature you can accomplish the entire process sitting at home on your computer thanks to the e-filing facility on www.incometaxindiaefiling.gov.in. Alternatively, you can submit the returns online, print a one-page receipt, sign it and drop it off at the income tax office within fifteen days of submitting the returns. No documents are required to be submitted with the receipt. However, if you want help, there are several third party service providers who offer tax preparation and filing services for a fee as low as Rs 200. Misconception No. 2 The interest I p...
Read more

Mutual Fund Review: Reliance Regular Savings Balanced

Reliance Regular Savings Balanced fund has shown great resilience during market crash After a shaky start, this fund has established itself as a strong contender in this space. In the past three years it has ridden the market well by not only delivering during the market run-ups but also displaying resilience during the crash. In 2008, it witnessed the second lowest fall among its category and last year it was amongst the top three performers with a return of 76 per cent (category average: 61%).   The poor underperformance in 2006 can well be credited to the low equity allocation of the fund, which stood at just over 10 per cent for only four months that year. Though the fund has the leeway to go up to 75 per cent in equity, it has never touched that limit. In fact, it has exceeded 70 per cent in just five months in its entire history. During the crash of 2008, the fund managers had no problem going right down to 54 per cent (equity exposure). Fund managers Omprakash Kukian and A...
Read more

Why credit history is critical?

Will you need a loan to buy a car or a house? Do you know why some people get their loans sanctioned quickly without any hassle, whereas others find that their approval is delayed or their application is rejected? If you want a loan, you will need to work to build a solid credit history because this can have a bearing on the ease with which you get loans. Read on to learn more about what is a credit history and how to build a good credit score. What is a credit history? Your credit history is a way of tracking your credit behaviour and habits — basically it shows how disciplined and regular you are when it comes to repaying your dues on loans that you have taken. It will show a complete record of your past borrowing and repayment record including details about any late payments or if you have defaulted on a loan. This track record is readily accessible to lenders and is used by them to when reviewing your loan application. Borrowers who have historically had a bad record of managing...
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