Fill your IT returns with One Time Password – New Scheme Launched
Now if you are looking to fill your IT returns online, things have become quite easy for you now with the new services launched by the department of Income tax. Within this service, you would receive a one-time password on your registered mobile number through which you can fill your IT returns instantly while sitting in your office or at your home.
The central Board of Direct Taxes has made filing up of returns quite simple now through one-time passwords. Even earlier too, filing income tax returns was a service that people used to perform, however in that case they had to send the hard copy to the Bangalore income tax office. With this one-time facility into effect, you no more have to send the hard copy of the printed form to Bangalore office.
The only catch with the new service is that only those people can file return through this process who have their annual income less than five lakh. Others would not be able to use the facility. Moreover, you would not be able to claim any refund using this facility.
How would you get the one time password?
It is obviously a valid query as to how you would receive this one time password when you are filing your income tax returns. When you visit the income tax department website, you would go through the regular process of filing your return and just at the end while you are about to submit your return online, you would be required to validate your identity by asking for a one-time password?
If the tax payer is verifying their identity through their aadhar number, their one-time password would be valid for a duration of ten minutes after they receive it. On the other hand, if the tax payer is verifying their identity through net banking or ATM PIN, the validity of the one-time password sent to them would be 72 hours.
How many alpha-numeric number would the OTP contain?
The one-time password would contain a ten digit alpha-numeric code. Every tax payer would be sent a unique one-time password. Once an OTP is used by the tax payer, it could not be further used for any transaction or by any other tax payer. This means, one PAN would have a unique OTP and that too for the specified duration.
Who are not eligible for One-Time Password?
If your PAN and other details do not match on the income tax database, you would not be eligible for the one-time password. In that case, OTP would be denied to you by the system. This may happen in cases where the tax payer has knowingly or unknowingly provided wrong PAN or other details. Apart from this, those who have their annual income more than five lakhs would not be eligible for OTP and hence not eligible to file their ITR through this process.
No more need to send ITR forms to Bangalore
As per a senior official from the income tax department, those who have their annual income lesser than five lakhs would no more have to send their acknowledgement letter to Bangalore office through the one-time password facility.
Last but not the least, One-Time password facility would only be issued to tax payers in case they meet the verification standards and their PAN and other credentials like mobile number, aadhar number and other personal details are subject to authenticity by the system.