Tuesday 2 February 2016

Electronic Verification Code generation options increased

Additional modes of generating Electronic Verification Code (EVC) have been notified in addition to EVC notified vide earlier Notification No. 2/2015 dated 13/07/2015. The two additional modes are i) By pre-validating Bank account details and ii) By pre-validating Demat account details.

Method I: Pre-validating Bank Account Details
An option will be provided in Setting Menu of Income tax Efiling portal. Assessee needs to provide the following details:
i. Bank Account No.
ii. IFSC
iii. Email ID
iv. Mobile No.
These details provided by the asse
ssee along with PAN and Name as per Efiling Database will be validated against the details of taxpayer registered with Bank. If Pre-validation is successfully completed, assessee can opt for 'Generate EVC using Bank Account Details' option while verifying the Income Tax Return.
Generated EVC will be sent by Efiling portal to Assessee's Email ID and/or Mobile No. verified from Bank.

Method II: Pre-validating Demat Account details registered with CDSL/NSDL
Taxpayer needs to provide the following:
i. Demat Account Number
ii. Email ID
iii. Mobile No.
These details provided will be validated against the details registered of taxpayer with Depository (CDSL/NSDL). If the validation is successful, the assessee can use 'Generate EVC using Demat Account Details' option while verifying the Income Tax Return. Generated EVC will be sent to Email ID and/or Mobile No. of taxpayer which is verified by CDSL/NSDL

This notification comes into effect from 19.01.2016. Notification No. 1/2016

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