Income tax is not and cannot be a novel term for you. Whether you have just started your job or are pursuing your forefathers’ business or are a startup businessman or have been on the job for years you must be definitely witnessing the altering norms of Income tax. Income tax is mandatorily applicable to all the individuals in the country, whose monthly income is above the particular limit as notified in accordance with the Income-tax norms. We have to understand the concept of e-verification.
For those of you who muse and ponder as to why is it important to pay income tax, it is imperative for you to understand that firstly as a citizen of India it is a rule-governed by law. Secondly, the money will go to the Government in the form of taxes. The funds will go into the serving the public. Hence, when you are giving tax, you are not just saving yourself from doing anything unlawful, but at the same time, you are doing your needful for the country you are a citizen of, India.
E-filing by taxpayers
Initially, when the individuals needed to pay the taxes, it used to be really tedious for them. There was a requirement of many calculations, many forms and lot of formalities. So taxpayers were becoming really apprehensive about paying of tax. However, as soon as technology and innovations knocked the door of the country and gelled with it, the Income Tax Department of India also ensured to give the advantage of the hassle-free tools to the taxpayers. This objective of making the process easier gave rise to the filing, which the filing of income tax by electronic means. This has made the cumbersome process of e filing a real simple one, so as to aid the process swifter and easier.
E-verification of ITR
Initially, the e filing was the only hype of the return process. One needs to submit ITR form to the Bengaluru based CPC via mail. CPC is Centralized Processing Centre of the IT Department in Bengaluru. But now, there has also started the verification of ITR electronically. In fact, this particular method is so feasible that it has crossed the 50 lakhs e-verification mark. There was actually the need to link Aadhar card to the PAN card. There have been more than 39 lakhs users who have pursued the latter as well.
In fact, there are other notifications also in the pipeline. So, soon the taxpayers who have activated the internet banking facility will be in the position of e-verification with ease. In this case, when the user has logged into the banking portal, the taxpayer will receive the EVC on his or her mobile number. Then one need to put in the ITR for submitting it finally.
The database which is associated with Aadhar card is also being used for verifying the credential by the tax man. All the above measures are sure to further aid the taxpayers with a hassle-free experience.