How to Generate EVC using Bank or Demat Account Details

Recently, a new facility has been made available to taxpayers, which allows them to validate their bank details through the income tax website before filing their returns. Until this facility was available, taxpayers needed to download and print the Income Tax Return Verification (ITR V) form. The same had to be posted to the Central Processing Center (CPC) in Bangalore within 120 days. The new e-verification facility makes filing returns paper free and convenient. Taxpayers can generate an Electronic Verification Code (EVC) for filing their returns. Individuals may easily generate the EVC using their bank accounts or online demat accounts.

Generating EVC through bank details

On the ITR filing website, must provide their bank details in the Profile Settings menu. The details required include the account number, Indian Financial System Code (IFSC), mobile number, and email address. These are verified along with the Permanent Account Number (PAN) and name details available with the income tax database. On successful verification, individuals may select the option ‘Generate EVC using Bank Account Details’. The EVC will be received on the registered mobile number and email address. Most banks offer this facility and individuals may find the entire list of banks on the e-filing website.

Generating EVC through demat accounts

Dematerialization account or demat account may also be used to generate the EVC. Within the Profile Settings menu, individuals must provide their demat account number along with their mobile number and email address. This information along with the PAN and name details available in the e-filing database is validated with the depository providing the demat services. On the successful verification of the information, individuals may opt for ‘Generate EVC using Demat Account Details’. The EVC will be sent to the registered email address and mobile number. Information on the participating depositories is available on the e-filing website. Individuals seeking to invest in mutual funds, bonds, shares, and other financial products must open a demat account. The entire process is quick and simple. This facility is offered by most banks and non-banking financial companies (NBFCs). They may submit an online application along with the supporting documents to open an account. Individuals may enjoy several benefits of a demat account such as reduced costs and less paperwork.