How to generate Electronic Verification Code to verify Income Tax Return

In addition to the changes to the ITR forms, tax department has also modified the method to carry out electronic verification of the Income Tax Returns.  Until last year, taxpayer was required to upload the income tax return online and later ITR-V was generated.  A print out of ITR-V alongwith taxpayer’s signature was required to be sent by post to Income Tax office at Bangalore. 

For the current year, in addition to this method, there are alternate ways by which verification can be carried out electronically without any subsequent requirement to post the physical copy to Income Tax office.  This post shall guide you in how to generate Electronic Verification Code (EVC) to file Income Tax Returns.

EVC through net-banking

Taxpayer can use the net-banking facility provided by their banks to generate EVC.  Bank already has PAN account details of the customers as part of their KYC requirements which shall be used to generate EVC for the taxpayer.  All major banks (both public as well as private) are providing this service and EVC can be generated by login into respective net-banking sites.  Alternatively, user can also login into https://incometaxindia.gov.in and select ‘Generate EVC’ option under ‘e-File’ menu.  Tax payer shall get two options to generate EVC.  The second option is to generate EVC through net-banking.  After selecting this option, taxpayer shall be redirected to list of banks providing this facility.  Taxpayer needs to login into respective net-banking facility and complete the process to generate EVC which will be sent to his registered email id and mobile number.  This EVC can be used to verify the return submitted online.

EVC through OTP

The other option under the ‘Generate EVC’ menu is EVC generation through one-time password.  However this can be opted by only those taxpayers whose Gross Total Income as reduced by deductions is less than Rs. 5 lakhs and there is no refund claim.  Under this option, EVC shall be sent to registered email id and mobile number of the taxpayer and can be used to verify the return submitted online.

EVC through Aadhaar Card

EVC can also be generated by linking one’s Aadhaar Card with PAN number.  After login into https://incometaxindia.gov.in, under ‘Profile Setting’, there is an option for ‘Aadhaar linked to PAN’.  Taxpayer should enter their Aadhar number and EVC shall be generated after the name, date of birth and gender matches exactly with PAN database. This EVC shall be sent to mobile number registered with Aadhaar card and can be used to verify the return submitted online.

EVC through ATM   

Another way to generate EVC is through ATM machines of banks.  There is an option to select ‘Generate EVC for Income Tax Return Filing’ after validating ATM card in the ATM machine.  Taxpayer shall receive OTP on his registered mobile number which can be used to verify the return submitted online.

If the taxpayer cannot make use of any of the above methods, then he needs to take print out of ITR-V and send it via post to Income Tax Office at Bangalore.

Above options have made it very convenient for the taxpayer to file and verify the income tax return online.  Do let us know out of the above, which method you shall use to verify your income tax return?

Selecting the correct IT Return form

New Income Tax Return forms were notified by Government recently.  There are few changes regarding applicability of the form for tax payers as well as additional information requirement to be submitted while filing return.  In this post, we shall help you choose the correct IT return form to file the return and also discuss the additional information required to be submitted.

Correct ITR Form for you

The selection of the IT return form is based on the nature of the income earned by taxpayer.  Primarily the nature of income earned can be categorized into following categories:

1.      Income from Salary / Pension

2.      Income from House Property

3.      Capital Gains

4.      Income from Business / Profession

5.      Income from Other Sources

The following table shall assist you in choosing the correct IT return form. 

INCOME TAX RETURN FORM from Vishal Shah

How to use the above table:

1.  List down the nature of income for the year applicable from the Column titled ‘Nature of Income’

2.  Start with ITR 1 – Sahaj.

3.  If the nature of income denoted as YES matches with all your nature of income, you need to use ITR 1 – Sahaj to file the return.

4.  If not, then move to ITR 2A.  Repeat Step 3 and so on until all your nature of income matches with corresponding entries against these forms.

Additional Requirements

From this year, taxpayer needs to provide his passport details as well as details of bank accounts held (excluding dormant accounts) during the previous year.  Further, in case taxpayer holds any foreign assets or has income from any source outside India, various details are required to be furnished with regards to such income / assets. 

Further, from current year, besides normal submission of ITR Verification by way of post, there are additional ways to provide verification through electronic modes.  We shall discuss this in our subsequent post.