What Is The Full Form Of EVC In Income Tax?
EVC full form in income tax is Electronic Verification Code. It is a ten-digit code that is a mix of letters and numbers. EVC is used in the process of electronic verification of income tax returns and other e-filing forms by the taxpayer with the Income Tax Department of India. Each taxpayer can therefore get a unique EVC which can be availed of in a variety of ways: through your bank account, demat account, net banking, or even through an ATM. This makes filing safe and simple.
Registration and Application Process:
Before you can use EVC to verify your tax returns, make sure your bank or demat accounts are set up on the e-filing portal. That implies linking your PAN with the account and updating your details. Once you do this, an EVC can be generated through your demat account, a bank ATM, or even right from the e-filing portal. Each EVC that is generated can be used for 72 hours to verify a return before it expires.
Why Using EVC is Important:
Using an EVC to confirm your income tax returns is a very important step in the tax filing process. The failure to verify the return by way of an EVC or any other method accepted within 120 days is akin to not having filed at all. This may give rise to penal consequences, apart from other legal issues. EVC makes it possible for you to do everything either from home or work, thereby enabling you to follow the rules and submit within the given time.