Day by day Income tax return filing is getting very easy. The new initiative of e-Filing income tax return through net banking has made the efiling of income tax return easier. In this post I will tell you about the process of income tax e-filing through your online bank account. The benefit of efiling through net banking and limitation of this facility.
What bothers you most while you e-file income tax return? The login process, the information feeding or verification? For me it was both login process and verification.
I file an income tax return once in a year. Hence, I also access my account of the income tax portal once in a year. But, because of this rare use, I always forget my password. Since, the password should be new and complicated, each time I have to assign a unique password. But unfortunately, every year I have to go through the password reset process. I can’t memorize the password. Do you also go through this problem?
Another problem was the sending ITR-V to CPC Bengaluru. Nowadays, finding a post office and ‘working post box’ has become tougher. Often it takes many days to visit the post office. The whole efiling process of income tax return takes only 15-30 minutes, but the sending of ITR-V used to take 3-30 days.
But, the year 2015 has ended both of these problems. There is no need to send ITR-V printout, the verification can be done online. The income tax department has introduced many e-Verification methods of income tax return.
Now you can also avoid the password reset exercise. It is one of the many benefits of e-filing through net banking.
Benefits of e-Filing Through Net Banking
No Need to Login
The income tax return filing through the net banking ends the necessity of login at efiling portal. You need not to give PAN, Password and Date of birth to access the efiling account. Through net banking you can access to the dashboard of your efiling account.
Direct Access to e-Filing Account
The direct access of efiling account is a blessing for those who struggle to login. The people who have used the services of CA to file an income tax return, sometimes find it very difficult to login at the efiling portal. They might not know the secret answers, mobile number, email ID or other details which are required to reset the password. But now, these people can access their efiling account easily through the net banking. After accessing the account, they can change all the personal details as well.
More Secure e-Filing Account
The login and resetting password on efiling portal has become easy. But with this ease, there is a greater risk of fraud. Do you want to minimize the fraud?
You must use the net banking way to access the efiling portal. You can choose this method because resetting the net banking password is tougher. Also, you would be more cautious about the net banking account.
The other benefit of efiling through net banking is the e-verification. The e-verification through the net banking is easiest one. Actually, it turns the e-verification a single step process. No need to wait for OTP, the e-verification happens with a single click. The login through the net banking account itself verifies the authenticity of the person. Hence It only asks for the confirmation.
Process if e-Filing Through Net Banking
Do you find efiling through the net banking useful? Of course, yes! Although, it is very easy, but I will tell you the process of efiling through the net banking.
Login into your net banking account using the regular user ID and password.
Search for the tax efiling link. It can be under, taxes or other services tab. For the first time you have to look for it. Almost every scheduled bank gives this facility, hence the link must be there.
Confirm your PAN and personal details. If your name in PAN and net banking account matches, you can directly proceed to the efiling dashboard.
Banks Which Give e-Filing Facility
These are the list of the banks, which gives the gateway to e-File income tax return.
- Allahabad Bank
- Andhra Bank
- Axis Bank Ltd
- Bank of India
- Bank of Maharastra
- Canara Bank
- Central Bank of India
- City Union Bank Ltd
- Corporation Bank-Corporate Banking
- Corporation Bank-Retail Banking
- DENA BANK
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Overseas Bank
- Kotak Mahindra Bank
- Oriental Bank of Commerce
- Punjab National Bank
- State Bank of India
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
I myself have tried to use the net banking account of the two banks to access the efiling portal. I have accounts in ICICI Bank and Bank of Baroda. You can see the screenshot of these bank accounts.
e-Filing Through ICICI Bank Net Banking
1. Go the payment and transfers. Among the dropdown options, choose the ‘Manage your taxes’. It is the last one.
2. Now you would be required to enter OTP. You will get the one time password through the SMS.
3. In the left sidebar you would find income tax e-filing under the head of Manage your taxes. Click on it.
4. Choose the account number and confirm the PAN to access the income tax efiling dashboard.
5. After submitting the above information, the dashboard of efiling would open in a separate window.
e-Filing through Bank of Baroda Net Banking
1. Login on Bank of Baroda net banking account. Look for the services tax and click on it.
2. Under the head of tax you would find ‘Login to e-filing’. Click on it.
3. Select the account and continue
4. Confirm the PAN and account number and continue
5. The efiling dashboard opens in a separate window. Now you can efile your income tax return.
Limitations of e-Filing Through Net Banking
The e-Filing through net banking is the easiest one, but sometimes you would not be able to use this method.
- You should be registered with the e – filing portal.
- 1. If you are not using the net banking, you would not be able to use this facility.
- 2. If you have not given the PAN to your bank.
- 3. If there is any mismatch in Name and DOB of PAN and bank account.
e-Filing through net banking has some limitations, still it is one of the best tax filing methods. If you use the net banking of any bank you must e-File through the net banking only.