The Income Tax Department has made it much easier for you to file your tax return. The process of filing your return now entirely paperless. How? We’ll tell you.
Earlier, after filing your Income Tax return online, you had to do one more thing to complete the process. You were required to send a printed and signed copy of the ITR-V form to the Income Tax Department within 120 days of filing your return. This last step was a tiresome exercise. Here’s some welcome news. The process is now paperless.
We’ll tell you about the new verification system.
The Income Tax Department has introduced a new paperless verification process to acknowledge your filed return. When you file your Income Tax return online, the new verification system will use an Aadhar linked Electronic Verification Code to verify the return filed.
Three easy steps to verify a filed return
- Link Aadhar number to PAN Card. You need to login to the IT Department’s e-filing website. Provide your Aadhar number to link it with your e-filing account.
- Get One-Time Password. You will get your OTP from the Unique Identification Authority of India (UIDAI) on your registered mobile number.
- Verify Aadhar. Use the OTP to verify your return with your Aadhar number while filing your Income Tax return. Remember, the Aadhar OTP for the electronic verification is valid only for 10 minutes.
Have you ever wondered what happens if you don’t file your Income Tax return?
A More Transparent Process
If you found the old 14-page ITR forms a task to get through, you can breathe easy now. The good news is that the Finance Ministry has introduced a new, simplified set of forms for Income Tax return.
The ITR-2 and ITR-2A Forms
The ITR-2 Form is for those individuals who have capital gains. These individuals will need to report any foreign assets held overseas, including income from foreign sources.
A new form, the ITR-2A, has been introduced for individuals or Hindu Undivided Families who don’t have income from businesses, no capital gains and do not hold foreign assets.
Simplifying Declarations
All assesses will now be required to report only the total number of savings and current bank accounts they hold during the year. This excludes dormant accounts.
You will also need to mention the IFSC code of your bank with the account number where you want your refunds to be credited.
While these measures will make the Income Tax Return filing process more transparent, it will also simplify the procedure of filing your return online.
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