E-filing: Bank account based validation facility activated
- The Income Tax department today launched the bank account-based validation system for filing e-ITRs by taxpayers as part of its measure to enhance the paperless regime of filing the annual IT returns.
- "Now, Electronic Verification Code (EVC) can be generated by pre-validating your bank account on the e-filing website," the department said in a public advisory.
- It added that Punjab National Bank (PNB) is the first bank to do so and other banks are also "expected to launch this facility" for those taxpayers who have not availed e-banking facility.
- The facility will be available on the official e-filing portal of the department- http://incometaxindiaefiling.gov.in/ and will work by using the One Time Password ( OTP) verification system as activated by the the tax department last year by using the Aadhaar number.
- These measures are used to validate the e-ITR so that the taxpayer does not take the trouble of sending the paper-based ITR-V by post to the Bengaluru based Central Processing Centre (CPC) for final resolution and processing.
The new ITRs have been notified recently.
ITR-1 can be filed by individuals having income from salaries, one house property and from other sources including interest. ITR-2 is filed by Individuals and HUFs not having income from business or profession. ITR-2A is filed by those individuals and HUFs who do not have income from business or profession and capital gains and who do not hold foreign assets.
Source:BankingUpdates
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