Sunday, July 19, 2015

Filing IT returns online sans the hassles to post ITR-V

Sunday, July 19, 2015
With the launch of e-Verification system last Monday, The Income Tax Department has finally implemented a landmark reform in public interest to make Income Tax return filling process completely online.
     The bone of contention, printing and posting ITR-V to CPC, Bengaluru for verifying your filed returns has been done away with (Although it still remains an option), which diminished the convenience of the process - online right from downloading forms, preparation, upload to submission of returns.
     The e-verification system empowers the common Tax payer with two options : -
  • Aadhar-based OTP verification in which a OTP will be sent to the Tax-payer's Aadhar linked mobile no. to verify the return.
  • EVC (Electronic Verification Code) which would be sent on request to the IT Deptt. registered mobile no. and Email ID of the Tax assesse.However, this option would be valid for those with a Taxable Income of INR 5 lakh or less without any claim of refund.
The process remains same upto submission of returns.To get started with e-verification in your e-filling account, navigate to e-File in the top Navigation bar >> eVerify Return.

You would get the options for Aadhar-based OTP verification or EVC generation and verification.

On selecting the Aadhar option (Option 3), first timers would be prompted for Aadhar linking, after it's successfully linked to your PAN database, e-verification can be done with OTP.

However, the loopholes are still pretty succinct.For instance, in case you don't have your Aadhar or your mobile no. in Aadhar database is not updated, your only option to e-verify is by EVC route, that too if you have Taxable income not over Rs. 5 lakh or don't have any refund claim.Else, the only fallback option,considering one is not going for the paid Digital Signature verification process, is the conventional route of posting ITR-V to CPC.
Still this widely acclaimed reform will definitely add to the convenience of the Tax-payer. Happy e-filling !

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