E-filing: Bank account based validation facility activated

E-filing: Bank account based validation facility activated

1. 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.
2. "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.
3. 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.
4. 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.
5. 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