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Here is how to use your Demat account to E-verify your tax return

When tax season begins, you'll have no choice but to start rummaging through your bank accounts in the process of filing your tax returns. It's vital to know that simply filing your income tax return isn't enough; you must also e-verify your return before the tax  can begin processing it.

The IT department gives taxpayers the choice of physically or online verifying their taxes. The person filing the return must send the signed ITR-V to the Centralized Processing Center in Bangalore under the virtual method.

You have various options for e-verification your return:

  • OTP from Aadhar
  • Using the internet banking system
  • Making use of your bank account
  • Using your demat account.

Only after an Electronic Verification Code (EVC) has been generated can your return be confirmed. To validate the taxpayer's identification, the EVC is a 10-digit alphanumeric combination transmitted to his registered mobile number.

How do you use your demat account to e-verify your tax return?

To e-verify your tax returns using your demat account, you'll need to follow a straightforward 9-step process. The steps are as follows:

1. Visit the income tax department's website. After that, go to your account and log in. If you don't already have an account, create one and register.

2. Select the option to view returns/forms once you've logged in.

3. A new window will open. To view your return that you want to e-verify, select the option that says "Click here to view your returns pending for e-verification."

4. A new window will open, suggesting various alternatives for verifying his return: e-filing OTP, creating EVC via internet banking, producing EVC via bank account number, and producing EVC via demat account number.

5. To e-verify your return, select option four, which is to generate an EVC using your demat account number. If your demat account has not yet been prevalidated, you will be given the option to "Prevalidate your account" on a new window. Choose this option.

6. Choose between the two depository types available: NSDL or CDSL. Fill in the requested information, such as the DP Id, Client ID, Mobile Number, and Email Address, and then select the prevalidate option.

7. When prompted if you want to generate EVC, click "Yes" if a new page appears with a message box.

8. The EVC will be sent to the phone number you provided during registration. Press the submit button after entering the EVC number.

9. Your return has been e-verified if a new window appears with the statement "Return successfully e-verified." Don't forget to save the acknowledgement. Your registered e-mail address will also receive an acknowledgement.

This is the most straightforward way to e-verify your return without having to deal with any bureaucracy. Visit Motilal Oswal now to open a free demat account!

Related Articles: How to Open a Demat Account Without a Broker | Factors to Keep in Mind While Opening a Demat account | Factors to Consider When Opening a Demat Account | 10 Points to Remember When Operating your Demat Account | Types Of Demat Account & Trading Account

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