Filing your Income Tax Return is one of the most critical dates in your financial calendar. With barely a couple of weeks left to complete the task, you may want to e-verify your ITR filing now, before the due date of July 31, 2019. As per income tax rules, the e-verification of ITR filing must be done within 120 days of submitting your ITR for the current fiscal year.
Salaried individuals, self-employed and professionals have to pay taxes on their income and from different sources. However, you can claim tax benefits and various other claims based on your tax profile and income as laid down by the government of India.
The Income Tax Department has introduced numerous ways of e-verifying your returns. These include:
- Physical verification
- Net banking
- Bank ATM
- Bank account number
- Aadhaar OTP
- Demat account number
As a trader or stock investor with a reputed brokerage such as Kotak Securities, you can now use your Demat account to e-verify your returns. To do so, an Electronic Verification Code (EVC), must be generated. This is a 10-digit alphanumeric code that will be sent to the registered mobile number to identify your identity as a taxpayer. Let’s look at the steps for Income Tax Return filing through your Demat account.
- Visit the Income Tax e-filing website
- Log into your account. If you do not have an account, you will need to register yourself on the website.
- Once you have logged in, choose View Returns/Forms
- On the screen that appears, select the ‘Click Here To View Your Returns Spending For E-Verification’ tab. This tab reveals your ITR returns that need to be verified.
- Click on the e-verify button.
- On the screen that appears, choose the option that says, ‘Generate EVC Through Demat Account Number.’
- Before you generate your EVC you must pre-validate your Demat account. If your Demat account has not been pre-validated, a screen will appear that will state, ‘Pre-validate your Demat account.’
- For NSDL depository type, you must enter your Depository Participant ID, Client ID, Mobile Number and Email ID. Once you have entered all these details, click on Pre-Validate.
- For CDSL depository type, you must enter your Demat Account Number, Mobile Number, and Email ID. After entering the details, click on Pre-Validate.
- Once your Demat account is pre-validated, you will receive a success notification.
- Next, click on to Yes to generate your EVC.
- You will receive your EVC code on your registered mobile number that is connected to your bank account.
- Fill in the EVC code and click on Submit
- You will receive a success notification on your screen stating, ‘Return Successfully e-verified.’
- Download the Acknowledgement notification. You will also receive this acknowledgement status as an email on your registered email ID.
These steps can ensure successful e-filing and e-verification of your Income Tax Returns through your Demat account. You can also conduct your ITR Filing and e-verification through other methods. As mentioned above, you can opt for physical verification, Aadhar card OTP, net banking, bank ATM and bank account number for processing the e-verification of your ITR Filing. If you haven’t filed your Income Tax Returns yet, now is an excellent time to complete it before the due date arrives.