As a salaried or income-earning individual, you have to pay taxes and file your income tax return. It is your duty to file the return by the due date in order to avoid any sort of penalty. However, your duty does not just end at filing the return. After a successful filing of return, the next step is to verify the return. The Income Tax Department processes your return only after it is verified by you. You are given 120 days to verify your return after uploading it for the applicable fiscal year on the e-filing website. If you do not verify your return, it will not be considered as a valid return according to the income tax laws.
There are in all six ways to verify your income tax return. Out of these six ways, one is a physical method while others are electronic methods. This means you can either verify your income tax return electronically or physically. The physical method involves sending the signed ITR-V to centralized processing center in Bangalore. While other electronic ways to e-verify your return online are via net banking, bank account, Aadhaar card and demat account.
One of the effective ways of e-verifying your return in through demat account by generating EVC (Electronic Verification Code). The EVC is a 10 digit alphanumeric code that is sent your registered mobile number in order to verify your identity.
In this article, we will walk you through the process of e-verifying your return using the demat account.
Steps by Step Process to e-verify your Income Tax Return using Demat Account
Step 1:Firstly, visit the income tax e-filing website and login to your income tax account using your user id (which is your PAN) and password. In case, you do not have an account on the income tax website, first, register yourself.
Step 2: After logging in, click on the tab “My Account” and select the option “e-Verify Return” from the dropdown menu.
Step 3: It will take you to a window where you will be able to see the list of ITR(s) filed by you. Here, you will be able to see your returns that are pending for e-verification. Verify the pending returns by clicking on “e-Verify” tab.
Step 4:On the next window that appears, select option 4 – “Generate EVC through Demat Account Number”.
Step 5: In order to generate EVC, you are required to pre-validate your demat account. If your demat account is not already pre-validated, a screen will automatically appear asking to “Pre-validate your Demat Account”.
Pre-validating your demat account is an important step in verifying your income tax return. In order to pre-validate your demat account, go to the profile settings and enter the necessary details such as your depository name i.e. NSDL or CDSL, mobile number and email ID. Note that, the mobile number and email id that you enter here, must be linked to your demat account. The process of pre-validation is automatic and typically takes around 1 to 2 hours. In case if there are any issues or errors in the process, the same will be communicated to you on your registered email id.
Remember, you can use your demat account for EVC generation only if your depository has validated your details.
Step 6: Once the success page appears, click on “Yes” tab to generate EVC. The EVC will be sent to your registered mobile number.
Step 7: On receiving EVC, enter it on the page and click on the “submit” button to successfully verify your ITR.
Step 8:On completing the above steps, a success message will appear on the screen saying “Return successfully e-verified”. You may download the acknowledgment from here or it will also be sent to your registered email id.
Following the above-mentioned steps, you can successfully e-verify your income tax return using your demat account.
If you do not have a demat account and are considering to open one, you may get in touch with Kotak Securities. They help you open a demat account in minimum time and with minimum paperwork. Moreover, the services offered by Kotak Securities is unmatchable and you experience a hassle-free journey with them.