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.

-----------------------------------------------
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saver Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Religare Tax Plan

4. DSP BlackRock Tax Saver Fund

5. Franklin India TaxShield

6. ICICI Prudential Long Term Equity Fund

7. IDFC Tax Advantage (ELSS) Fund

8. Birla Sun Life Tax Relief 96

9. Reliance Tax Saver (ELSS) Fund

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

-----------------------------------------------

Popular posts from this blog

Birla SunLife Manufacturing Equity Fund

The Make in India program was launched by Prime Minister Naredra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub. The primary motive of the campaign is to encourage multinational as well domestic companies to manufacture their products in India. This would create more job opportunities, bring high-quality standards and attract capital along with technological investment to bring more foreign direct investment (FDI) in the country.   Why India as the next manufacturing destination?   The rising demand in India along with the multinational's desire to diversify their production to include low-cost plants in countries other than China, can help India's manufacturing sector to grow and create millions of jobs. In the words of our Honourable Prime Minister- Mr. Narendra Modi, India offers the 3 'Ds' for business to thrive— democracy,...
Read more

Total Returns Index brings out real Equity Funds Performers

From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...
Read more

Stock Review: Havells

HAVELLS India's stock performance has been muted in the past three months, in line with the weak broader market. But, given the turnaround in its overseas subsidiary and the launch of new products in its consumer durable business, the company's stock may undergo a re-rating.    Havells is India's leading consumer electrical goods company, with consolidated sales of . 5,527 crore in the past four quarters. Its wholly-owned subsidiary Sylvania, which makes lighting and fixtures, has established brands in European, Latin American and Asian markets. Sylvania repre sented nearly half of the company's consolidated revenues in the first half of FY11.    Sylvania's poor financials hit Havells' consolidated performance in FY10. But, this has changed in the cur rent fiscal. Havells has reduced fixed costs of Sylvania by exiting from unprofitable businesses and outsourcing manufacturing to low-cost locations such as India and China. In the September 2010 quarter, Sylv...
Read more

How to generate a UAN Online

Best SIP Funds Online   In order to make Employees' Provident Fund (EPF) accounts portable, the Employees' Provident Fund Organisation (EPFO) had launched the facility of Universal Account Number (UAN ) in 2014. Having a UAN is now mandatory if you have an EPF account and are contributing to it. So far, you got this number from your employer and every time you changed jobs, you had to furnish this number to the new employer.  However, in order to make it easier for you to get a UAN , and without your employer's intervention, the EPFO now allows you to go online and generate a UAN on your own. This facility can be used by freshers, or new employees, who are joining the workforce as well as by employees who have older EPF accounts but do not have a UAN as yet. As a new employee, you can simply generate a UAN and provide the number to your employer at the time of joining, when you need to fill up forms for your EPF contribution. As per a circula...
Read more

Mutual Fund Review: Reliance Regular Savings Equity

    Despite high churn, Reliance Regular Savings Equity has managed to fetch good returns   In its short history, this one has made its mark. Though its annual and trailing returns are amazing, the fund started off on a lousy note (last two quarters of 2005). It managed to impress in 2006 and was turning out to be pretty average in 2007, till Omprakash Kuckian took over in November 2007 and wasted no time in changing the complexion of the portfolio. Exposure to Construction shot up to 28 per cent with almost 21 per cent cornered by Pratibha Industries and Madhucon Projects . Exposure to Engineering was yanked up (18.50%) while Financial Services lost its prime slot (dropped to 6.69%) and Auto was dumped. That quarter (December 2007), he delivered 54.66 per cent (category average: 25.70%).   When the market collapsed in 2008, thankfully the fund did not plummet abysmally. But even its high cash allocations could not cushion the fall which hovered around the category average. ...
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