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Sunday, 23 August 2015

Four things you need to know about e-verification of IT returns using EVC

A taxpayer is required to verify the online income tax return filed by him by submitting a signed hard copy of the same to the Income Tax Central Processing Unit. From this year, this verification can also be carried out online. This will save the taxpayer the requirement of sending the signed hard copy of the return to the income tax office. There are different ways in which one can e-verify his income tax return. It can be carried out using the EVC sent to one's registered email id or by using Net banking.

Electronic Verification Code (EVC)

A taxpayer who files his return using the Income Tax Department's e-filing process can generate the EVC before filing the return or while filing. The EVC is a 10 digit code with a 72 hour validity. It is mailed to the registered email id of the tax payer.

Website

Log in to www.incometaxindiaefiling.gov.in and enter login and password details. Select "E-file" tab and choose "Generate EVC" option. You will get two options: "generate e-filing OTP" or "generate EVC through Net banking".

E-filing OTP

This can be used for returns with net income of less than `5 lakh and there is no refund. On clicking this, EVC is generated and sent to the registered email id of the user. Once the EVC is generated, one can again login to the e-filing website, choose "E-verify" and select the option "I already have an EVC to e-verify my return". The EVC must be filled in the box provided and once submitted, the e-verification of the return is complete.

EVC through Net banking

This is for returns with income of `5 lakh or more. One is directed to a page where one can select the bank through which one would like to do the e-verification. On selecting the bank and logging into Net banking, select e-filing through Net banking option. The e-verify option will be active for returns filed by user. On clicking "e-verify" and "continue", an EVC will be generated and automatically applied to the return.

Points to note

> EVC is unique to a PAN and can validate one return. If there is a revision or rectification, a fresh EVC is needed.

> The taxpayer can still use the method of sending signed physical copy of the return to the CPC.


Source : The Economic Times


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