In a bid make e-verification of tax returns simpler, the Income-Tax Department has included bank account and demat account details among the modes that can be used to generate code to e-verify ITRs.
Currently an Income-Tax Return or ITR can be e-verified by using internet banking, email or an Aadhaar number- generated One Time Password (OTP).
To these, two more modes of bank account and share demat account have been added for generating an electronic verification code (EVC) that is used to submit annual ITRs.
The measures are intended towards ending the practice of sending paper acknowledgement of ITRs to CPC, Bengaluru.
The Central Board of Direct Taxes (CBDT) has added two additional modes for generation of electronic verification code (EVC) for e-verification of ITRs.
The efiling website of the I-T department would now provide a facility to pre-validate bank account details. The assessee will have to provide bank account number, IFSC code, email id, and mobile number and these details will be validated against the details of the tax payer registered with the bank.
“Generated EVC will be sent by e-filing portal to taxpayers’s email id and or mobile number verified from bank,” a CBDT notification said.
The list of banks which will participate in this facility would be provided on the efiling website.(agencies)