EVC/Electronic Verification/ITR V — All you need to know
Electronic Verification/EVC is a process of verifying your tax return electronically, without any paperwork involved. This initially was a paper based process where the taxpayer was required to send in signed documents to Bengaluru in 120 days of filing the tax return.
An ITR- V(filing acknowledgement) is issued by the Income Tax Department when tax return is filed. Taxpayer needs to e-verify ITR-V in order to complete the tax filing process. There are 5 ways you can complete your e-verification:
Net banking
Majority of the banks offer services such as e-verification of tax returns. Inside your Bank’s Net banking portal — find an option to e-Verify Tax Returns. On doing so, you’ll be taken to Income Tax portal where you complete the process by clicking on e-Verify corresponding to the return you’ve filed and following simple instructions.
Aadhar OTP
After you’ve filed your Tax return on the Income Tax portal, you’ll be given an option to generate on OTP to e-verify your tax return. This option will be available only if you’ve linked your Aadhar to PAN and once you select this option, you’ll receive an OTP on your Aadhar registered mobile number, which you need to enter on the portal before the 10- minute timeout after which you’ll have to resend your OTP. Once you’ve authenticated the OTP, you’ll receive confirmation of successful e-verification.
Bank ATM
Some Banks provide the e-verification service at their ATMs(here’s the list of approved banks)- You can swipe your card at your Bank ATM and request for EVC- here’s a list You can then use this EVC to complete the e-verification process on the Income Tax Department portal.
Demat account
E-verification using your Demat account is somewhat similar to Net banking. Using that option on Income Tax portal will redirect you to your bank’s website where you’ll find an option to e-verify your tax return
If you haven’t files your taxes yet, you can head over to Quicko- It’s the simplest tax filing platform available right now and let’s you file your taxes in a hassle free manner.
Bank Account
You can generate an EVC and have it sent on registered mobile number of your bank account. You’ll find Bank account in e-Verify options- proceeding which you’ll be prompted to ad you Bank account particulars. Once you submit, you’ll get EVC on your phone which you’ll have to enter on the portal to complete the process
If you have any more questions regarding e-verification, feel free to ask them in the comments!
