Verification of Income Tax Returns

Once you have successfully filed your Income Tax Return (ITR), the final and most crucial step is verification. The Income Tax Department will not process the return until this verification is complete.

Historically, taxpayers had to print the ITR-V (acknowledgement form), sign it physically, and mail it to the Central Processing Centre (CPC) in Bangalore. To simplify compliance, the government introduced electronic verification modes, eliminating the need for paperwork.

Understanding the Electronic Verification Code (EVC)

An Electronic Verification Code (EVC) is a unique 10-digit alphanumeric string linked to a specific Permanent Account Number (PAN). It acts as a digital signature for validating your tax return. Important points to note regarding EVC include:

• Uniqueness: A single EVC serves to validate only one specific return.
• Revised Returns: If you need to file a revised return, a new EVC must be generated.
• No Physical Submission: When you verify your ITR using an EVC, you are not required to send a physical copy of the ITR-V to the CPC.

Prerequisites for Verification via Yes Bank

Taxpayers can use their Yes Bank NetBanking credentials to generate an EVC and verify their returns. Before attempting this method, ensure the following conditions are met:

1. Authorization: Your bank must be authorized by the Income Tax Department to offer e-verification services.
2. Data Mismatch Check: Your mobile number and name as registered on the income tax portal must exactly match the details held by the bank.

The specific navigation steps within the NetBanking portal may vary, but generally involve logging in and selecting the option for income tax e-filing or e-verification.