“Income-tax returns are the most imaginative fiction being written today”, says Herman Wouk, an American author. As soon as we talk of Income-tax returns, somewhere down the line, there is a strain in the brain. Well, not anymore! Because now you can file your return online. Earlier, one had to physically file the returns, tedious paper-work was involved and all in all, filing Income-tax returns was a very time consuming process. Keeping this difficulty of the public in mind, Government of India has taken a very revolutionary step by starting e-filing of Income-tax returns.
What exactly does e-filing of income tax returns mean? E-filing of income tax return means filing Income-tax return electronically using internet from anywhere anytime. It is mandatory to e-file the Income-tax return if the total income of a taxpayer in the financial year is more than Rs. 5,00,000. Income-tax return can be e-filed in three ways, the first way is by digitally signing the return acknowledgement (ITR-V), second way is by signing and sending physical copy of ITR-V to CPC, Bangalore and third way is by using the new system of Electronic Verification code.
Taxpayers filing their returns electronically without using digital signatures are required to send the signed copy of ITR-V acknowledgement to CPC, Bangalore within 120 days of filing the return. Taxpayers who have signed digitally are exempted from sending the ITR-V to CPC. Moreover, taxpayers can now file their Income-tax returns without any headache of sending the same to CPC, in such case they can use EVC i.e. Electronic Verification Code. EVC is a code which is generated for the purpose of electronic verification of the person furnishing the return of income. EVC will be a unique number linked to assessee’s PAN. It cannot be used for filing return of income of any other PAN. One EVC can be used to validate one return, irrespective, of assessment year or type of return. Taxpayers can generate EVC by any of the four methods viz. through Net-Banking, through Adhaar number, through ATM or through e-filing website of Income-tax department. Let us understand these methods in detail.
Nowadays, e-filing has become as easy as having a cup of coffee! myITreturn.comprovides a user-friendly access and a step by step guide for filing return, thus minimizing the chances of errors. Also all your doubts regarding Income-tax and return filing can be cleared through “Ask a question” service using myITreturn mobile app which is a free app. MyITreturn also provides expert handled solutions to a list of FAQs at every stage, that will surely assist you regarding queries related to Income-tax while filing your return.