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E-verifying without net banking: More banks to follow PNB,UBI

E-verifying without net banking: More banks to follow PNB,UBI
16 August 2016 Current Affairs: After Punjab National Bank and United Bank of India, more banks are likely to soon start a facility wherein an account holder can verify his income tax return on e-filing site even without having net banking. 

Electronic Verification Code (EVC) can be generated by pre-validating the bank account on the e-filing portal of the Income Tax Department. 

PNB and UBI have launched this facility which will facilitate the account holders, who may not have a netbanking account, to e-verify their return. Other banks are expected to launch this facility.

It also said EVC can be generated by pre-validating a Demat Account on the e-filing portal. 

NSDL and CDSL have launched this facility which will facilitate the account holders to e-verify their return .

Customers of State Bank of India, Axis Bank and Canara Bank can generate EVC through the respective bank's ATMs. Other banks are also expected to offer this facility soon .

As per the latest data, the e-verification facility of IT returns was used by over 75.3 lakh taxpayers till August 5 as compared to 32.95 lakh taxpayers last year till September 7, 2015. 

Of these, Aadhar based e-verification was used by 17.68 lakh taxpayers during the current year as against 10.41 lakh taxpayers during the same period in 2015-16. In addition to these, 3.32 lakh returns were digitally signed. 

The tax department said it encourages all taxpayers who have submitted their ITRs to use e-verification as an easy alternative to sending their ITR-V form to CPC, Bengaluru. 

The CPC Bengaluru has already issued over 54.35 lakh refunds totalling to Rs 14,332 crore which includes 20.81 lakh refunds for Assessment Year 2016-17 amounting to Rs 2,922 crore (till August 5). 

 


December 2016 Current affairs
9 DEC
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November 2016 Current affairs
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