Income Tax Returns (ITR) filing: This is how you can use your demat account to e-verify returns
The Income Tax department has introduced many ways to e-verify returns.
A little over two months are left for filing Income Tax Return (ITR) of fiscal year FY19. Due date for ITR filing is set at July 31, 2019. Every salaried individual has to pay taxes from their income and other sources. However, the government does allow claims and tax benefits. After filing ITR, the next big step is to verify whether your returns are accurate. The Income Tax department has introduced many ways to e-verify income returns.
Among these is your demat account number. Yes, you have read it right, if you are a stock investor than you can use your demat account number to e-verify your ITR.
Here's how you can e-verify your ITR using demat account:
Step 1 - Log in to e-filing portal
Step 2 - Select ‘Profile Setting’ and pre-validate your demat account
Step 3 - Choose verification mode as ‘EVC’ using pre-validated demat account
Step 4 - Submit your returns/upload the XML
Step 5 - EVC received on registered mobile number
Step 6 - Enter your EVC on e-filing portal
Step 7 - ITR verified
Demat account is a dematerialized account that provides the facility of holding shares and securities in electronic format. Generally, a company listed on stock exchanges is under the obligation to offer the securities in both physical and dematerialised form.
But to invest in equity shares, the demat account is considered to be the necessary tool as elimination of physical certificates for these assets was closed from the year 2000.
In case you are interested about other options made available by authorities to e-verify your ITR, then these are Aadhaar card OTP, net banking and bank ATM.