The Income Tax Department is on a mission to save paper. It has recently launched bank account based validation facility on its e-filing web portal. This facility was introduced for such taxpayers who have not availed internet banking facility. Moving forward in the same direction, it has now launched ATM based verification facility for e-filing ITRs.
SBI has become the first bank to provide this service through its ATMs while other banks are expected to follow its footsteps very soon.
E-verification was introduced in the month of May this year by the Income Tax Department on its e-filing web portal under which there are three different ways of e-verifying Income Tax Return. Before its advent, the procedure to verify ITR was long and tedious. Taxpayers had to send paper-based ITR to CPC of Income Tax Department located in Bangalore.
The new facility to e-verify ITR is available at its web portal and will function using OTP verification system as activated by the department last year by using the Aadhaar number. EVC for e-verification can be generated by pre-validating your ATM provided by the bank where a taxpayer has an account.
Income Tax Department is promoting online solutions whether it is filing of tax return or redressal of grievances. However, online presence also brings the risk of accounts being hacked and important information being stolen. Understanding this risk, it has also introduced measures to ensure security of accounts taxpayers.
These measures taken by the IT department will ensure that tax related services offered by it become digitally more accessible for the taxpayers without compromising on quality and security.