Income Tax E Filing: Axis Bank, SBI Bank To Offer ATM Based Validation

With an aim to increase paperless filing, the Income Tax department has increased the ATM-based validation, reports PTI.

Earlier, State Bank of India was only bank to offer ATM based validation, now Axis Bank is also part of the validation process.

Now, Electronic Verification Code (EVC) can be generated through State Bank of India and AXIS bank ATMs. Other banks are also expected to launch this facility.

This will help taxpayers and bank customers who may not have a net-banking account,to e-verify their return.

ATM validation will work using the One Time Password (OTP) as verification system by using the Aadhaar number.

This method will replace the process of sending the paper-based ITR-V to the Bengaluru-based Central Processing Centre (CPC) for final resolution and processing.

Goodreturns.in