The Income Tax Department brought a major relief to the common Taxpayer on Monday, by putting in place a new system of e-filing of returns using a 10-digit electronic verification code (EVC) or one-time password (OTP) that can be generated using net banking, ATMs, Aadhaar, your registered mobile as well as the income tax department’s website.
This is expected to put an end to the practice of sending paper acknowledgement (ITR-V) to the tax department’s Central Processing Centre in Bengaluru. First step towards Digital India
The rules notified by the income tax department stipulated a cap of Rs 5 lakh (total income) for EVC generated via a taxpayer’s registered email ID and mobile number and also said this can be done only in cases where there is no refund claim. In such cases the code can be generated through the e-filing website and will be sent to the registered mail ID as well as the mobile number. This option may be further restricted to assesses based on other risk criteria that may be determined from time to time. EVC generated through this e-filing mode can be used to verify the assessee’s return. First step towards Digital India
The other options however do not put any limit on the income for filing returns using EVC. In case of those opting for the net banking route, the tax department said that specified banks registered with it provide direct access to the e-filing site. Banks will be providing such facilities to their account holders whose bank accounts have a validated PAN as well as know-your customer (KYC). So, those opting for this window would be able to generate the EVC after they are redirected to the e-filing site. Banks will also give an option to generate the code at ATMs.
To read the complete notification, pls click here.
To read the user manual on how to use e-verification, pls click here.