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E-Verify Your I-T Returns



GET A CODE The method is not complicated but there's a common aversion
 
There seems to be a general aversion towards e-verification of returns, a process introduced this year by the Income Tax Department that makes tax-filing fully paperless.

Till last year, if you did not have a digital signature, you had to send a copy of the ITR V to the Central Processing Centre in Bengaluru.From this year, the tax department has introduced an alternate way of paperless e-filing via Electronic Verification Code (EVC). The 10-digit EVC code can be generated through your net banking account, linking your Aadhaar card, using ATMs or even by registering your email or mobile number on the income tax website. However, there seems to be a general aversion to e-verifying among taxpayers.

According to the income tax department's website, among the total 62.19 lakh returns files, only 12.8 lakh taxpayers have used the e-verification route so far. The method is not complicated and most of the taxpayers who e-file are tech-savvy. So, there seems to be a lack of awareness.

Here are the various ways in which you can generate the EVC.

REGISTER E-MAIL

The taxpayer can generate an EVC by login into the income tax e-filing website--http:www.incometaxindiaefiling.gov.in. However, this mode can be used only if the total income, that is before applying any deductions, is `5 lakh or below and there is no refund claim. After you log in and opt for e-filing, you can request for the code by clicking on the "Generate EVC" option. The site will ask you to choose between--e-filing OTP or EVC through Net banking. Click on the former and a one-time-password (OTP) will be sent to your mobile number or registered e-mail ID. Use this code under the e-verify option given on the site and complete your tax-return process.

NET BANKING

If your total income is more than `5 lakhs or if there is refund, you have only one option--EVC through net banking. When you select this options, you'll be redirected to a page with the list of banks available for net banking Login. If your bank has authorised by the income tax department for providing direct access to the government's e-filing website, the name should be here and you should be able to log in using your internet-banking ID and password.Also, your PAN must have been validated via KYC. The EVC will be sent to your bank-registered mobile number. This will be a big relief to NRIs who do not have digital signatures and faced a lot of problem with mailing physical ITR-Vs.

Some banks have been registered for generating EVC using your debit or credit card via ATM machines. However, the channel seems to be not working. This is also not the best way and the net banking route is much simpler.

AADHAAR NUMBER

For this, your Aadhaar card and PAN should be linked. If the two are not linked income tax department's website show a pop-up and you simply have to fill in your Aadhaar number on the redirected page to link the two. Once linked, an OTP will be sent to your registered mobile number which is valid for next 10 minutes.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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