The income tax return is deemed to be filed as per the requirement of law only if the taxpayer, after filing of return, verifies it
The option to file income-tax return in paper mode is available only to super senior citizens (age 80 years or above) or small taxpayers whose taxable income is up to Rs 5 lakh and no refund is due in his tax return. The manual filing of return is available only for ITR 1 (Sahaj) and ITR 4 (Sugam). All other taxpayers have no option but to file the income-tax return electronically.
The income-tax return is deemed to be filed as per the requirement of law only if the taxpayer, after filing of return, verifies it. Verification of return is mandatory to get it accepted and processed by the Centralized Processing Centre (CPC) of the Income-Tax Department. An income-tax return can be verified with Digital Signature, Electronic Verification Code, Aadhaar based OTP or submission of acknowledgement to CPC Bangalore.
Earlier, it was mandatory to send the signed physical copy of the ITR acknowledgement (ITR-V) to CPC Bengaluru for processing of the ITR. The Income-Tax Dept. now promotes paperless e-filing and allows verification of return with Electronic Verification Code (EVC). If the ITR is verified using the EVC, then the physical copy of signed ITR-V need not be sent to the CPC Bengaluru.
EVC is a 10-digit Unique Alphanumeric Code to confirm the identity of the person furnishing the ITR. It can be generated through Income-tax e-filing portal via various methods. One EVC can be used to validate only one ITR. EVC, once generated, remains valid for 72 hours and can be used within such 72 hours to verify return. There are four options to generate EVC to e-verify ITR — through Net Banking, through Bank account number, through Demat Account Number or through Bank ATM.
Generating EVC using Net Banking
To generate the EVC through the net-banking account, first log-in to your e-filing account through Net Banking account (in SBI Net Banking account, it can be found in e-Tax > More > Login to e-filing/e-verify). If you have not filed the return but wish to generate the EVC, go to My Account > Generate EVC and select the first option ‘Option 1 – Generate EVC through Net Banking’ and click on Continue. If you have filed the return and want to verify it, go to My Account menu > e-verify return, click on the e-verify link against the return to be verified and click on Continue.
At present, 35 nationalized banks are providing e-filing login facility to its users. A taxpayer can use this facility only if he has the net-banking facility in that bank.
Generating EVC using Bank Account Number
The taxpayers also have an option to generate EVC through a bank account. However, EVC can be generated only through a Pre-Validated bank account. To Pre-validate your bank account, log-in to E-filing portal, Go to Profile Settings > Prevalidate your Bank Account. You need to mention Bank Account Number, IFSC, Mobile Number and E-mail ID.
If details entered by the taxpayer are confirmed by the bank, the bank account shall be validated to generate the EVC. Now go to My Account menu > e-verify return, click on the e-verify link against the return to be verified and then select the option to ‘Generate EVC through bank account number’. EVC will be sent on the registered mobile number of the taxpayer. Enter your EVC on e-filing portal to verify the return.
Currently, this option is available for some specified banks only.
Generating EVC using Demat Account Number
Taxpayers can also generate EVC through Demat Account. However, to use this option the Demat account has to be validated first. To Pre-validate the Demat account, log-in to E-filing portal, Go to Profile Settings > Prevalidate your Demat Account. You need to Select Depository type, i.e., NSDL or CDSL and enter the Demat account no., Mobile Number and E-mail ID.
If the details entered are confirmed by the Depository, the Demat details shall be validated to generate EVC. Now go to My Account menu > E-verify return, click on the E-verify link against the return to be verified and then select the option to ‘Generate EVC through Demat account number’ EVC will be sent on the registered mobile number. Enter your EVC on e-filing portal to verify the return.
Generating EVC through Bank ATM
This option can be used to generate EVC at the ATMs of some specified banks. EVC can be generated through the ATMs of the State Bank of India, AXIS bank, Canara bank, ICICI bank and IDBI bank. You need to visit the ATM and select “PIN FOR INCOME TAX FILING” option to generate the EVC. EVC will be sent on your registered mobile number. Now go to My Account menu > e-verify return, click on the e-verify link against the return to be verified and then select the option ‘I already have an EVC to E-verify my return’. Enter your EVC to verify the return. However, your PAN must be linked with the Bank Account in order to use this facility.
The taxpayer can generate EVC through Bank ATM even if he doesn’t have the net-banking facility activated.
(By CA Naveen Wadhwa, DGM, and CA Tarun Kumar, Assistant Manager, Taxmann.com)