Do you know anything about E-verifying without net banking? If no, we are here to tell what exactly it is and its relevance in today’s banking sector.
The first and the most important information that we would like to share with you is that some of the banks like Punjab National bank and United Bank of India have already started this E-verification without net banking and more banks are planning to launch it soon.
What is E-verifying without Net Banking?
This clearly means a condition wherein net banking is not required and the bank account holder can verify their Income tax return through an e-filing site.
What is Electronic Verification Code, EVC?
EVC is one of the new ways of a user verifying his or her income tax return status. This system has been recently introduced by the government where an account holder can electronically verify his ITR filing status using a 10 digit alpha-numeric code that would automatically be sent to your mobile by the Income Tax department.
UBI and PNB have already started following this e-verification without net banking that assures an ITR filing person, the status of his or her ITR results irrespective of the fact that particular account holder has to access net banking on his or her mobile.
As per Central Board of Direct Taxes, the facility has become popular and gained significant importance over a period of time so the other banks are also thinking to launch the same in their banking field.
Reports also show that EVC (Electronic Verification Code) can easily be generated by an already existing Demat Account holder while filing an e-filing portal.
CBDT further confirmed that National Securities Depository Limited and Central Depository Services Limited have already launched this e-verification facility for the account holders that do not have access to net banking.
People with their bank accounts in State Bank of India (SBI), Axis Bank and Canara Bank are given provision to generate this EVC via the ATM’s of their respective banks.
After this Income Tax department continued saying that other banks will launch this facility soon.
Detailed research was done on this and the present reports confirm that this type of e-verification service that works even without net banking was availed by approx. 75.3 lakh tax payers this year as compared to 32.95 lakh taxpayers in the year 2015.
Out of this total stats, e-verification without net banking, the total number of tax payers that used Aadhar card number as their verification code was 17.68 lakh in the running year as 10.41 lakh in the year 2015.
Almost 3.32 lakh ITR were signed digitally.
Income tax department accepted that this type of e-verification method is safe and simpler than the method that asked the account holder to send his or her ITR-V forms to CPC, Bengaluru.
When using this service of e-verification, one must make sure that the service is safe, secure, and easy to use so that your ITR filing and its status is in safe hands.