More banks to follow e-verification

After Punjab National Bank (PNB) and United Bank of India (UBI), more banks are likely to start a facility wherein an account holder can verify his income tax return on the e-filing site even without having a netbanking account.

A Electronic Verification Code (EVC) can be generated by pre-validating the bank account on the e-filing portal of the income tax department.

Other banks are expected to launch this facility," the Central Board of Direct Taxes (CBDT) said.

It also said EVC can be generated by pre-validating a demat account on the portal.

Customers of State Bank of India, Axis Bank and Canara Bank can generate an EVC through the bank's ATMs.

Other banks are expected to offer this facility soon, the department said.

The e-verification facility of IT returns was used by over 7.5 million taxpayers till August 5, as compared to 3.2 million last year till September 7.

Of these, Aadhaar based e-verification was used by 1.7 million taxpayers during the current year as against 1.04 million taxpayers during the same period. In addition to these, 0.3 million returns were digitally signed.

The department said it encourages all taxpayers who have sent their ITRs to use e-verification as an easy alternative to sending their ITR-V (income tax return verification) form to CPC (centralized processing centre), Bengaluru.

The CPC Bengaluru has already issued over 5.4 million refunds totalling to Rs 14,332 crore, which includes 2.08 million refunds for Assessment Year 2016-17 amounting to Rs 2,922 crore.