Can I use demat account for EVC for ITRs?
Yes as per a new rule the IT department has made it possible to generate your E verification code or EVC by linking your demat account. You will need to provide demat account number, your registered email id and mobile number along with PAN. This would be verified with the information you provided the CDSL or NSDL. Once considered you can get EVC in your email or a mobile number verified by the depository.
In order to make e-verification of tax returns easier, the Income Tax Department has allowed tax payers to use their bank account as well as demat account details for verifying their tax returns. Using this method, you can e-verify your tax returns.
Earlier an Income Tax Return or ITR could be verified online only by using internet banking, email or One Time Password (OTP) that’s sent to your mobile number that is registered for Aadhaar.
Now, you can use your bank account and your share demat account can be used for generating an Electronic Verification Code (EVC) to submit your ITR. For demat account, you have to ensure that your demat account is pre-validated. If it is not pre-validated, you will have to give details such as name, email and PAN.
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