Category: Personal Finance

Cryptocurrencies post inflows for 7 straight weeks, led by bitcoin

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By Gertrude Chavez-Dreyfuss

NEW YORK – Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday.

Inflows to the sector were $90.2 million last week, led by bitcoin which snagged $69 million, according to CoinShares data as of Oct. 1. Over the past seven weeks, crypto inflows reached $390 million. For 2021, inflows totaled $6.1 billion.

Bitcoin recorded its third straight week of inflows.

“We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the U.S. Securities Exchange Commission and the Federal Reserve,” wrote James Butterfill, investment strategist, at CoinShares.

SEC Chairman Gary Gensler last week at a Financial Times conference reiterated his support for bitcoin exchange traded funds that would invest in futures contracts instead of the digital currency itself.

A day later, Fed Chair Jerome Powell, in remarks before Congress, said the Fed had no intention of banning cryptocurrencies.

Bitcoin on Monday hit a four-week high of just under $50,000 and was last up 2.3% at $49,333.

Blockchain data provider Glassnode, in its latest research note on Monday, pointed out that as bitcoin rallied out of its narrow trading range last week, approximately 10.3% of the circulating supply returned to an unrealized profit.

Ethereum products and funds, meanwhile, posted another week of inflows totalling $20 million, despite conceding market share to bitcoin in recent weeks. Inflows to ether, the token for the Ethereum blockchain, so far this year amount to $1 billion.

Ether was last down 0.4% at $3,403.

Still, despite consecutive weekly inflows across crypto products, volumes were low at $2.4 billion last week, CoinShares data showed, compared to $8.4 billion in May 2021.

Assets under management at Grayscale and Coinshares, the two largest digital asset managers, climbed last week to $41.1 billion and $4.6 billion, respectively.

(Reporting by Gertrude Chavez-Dreyfuss; editing by Richard Pullin)



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Indian Gold Rates Gained By Rs. 190, On Oct 5

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Investment

oi-Kuntala Sarkar

|

Today, on October 5, Indian gold rates have hiked marginally by Rs. 190/10 grams. In India, 22 carat gold rates are quoted at Rs. 45,680/10 grams and 24 carat gold rates are quoted at Rs. 46,680/10 grams. In most of the Indian cities, gold rates stayed affirmative than yesterday, owing to a positive tone of gold investors globally. The Comex gold future fell by 0.43% but stayed at $1760 showing only a minor drop, while the spot gold prices fell only by 0.71% and were quoted at $1758/oz today till 3.22 PM IST. On the other hand, the US dollar index in the spot market hiked by 0.09% at 93.92 same time today. In India, the Mumbai MCX gold in October future fell by 0.51% than yesterday but quoted at Rs. 46650/10 grams till today 3.34 PM IST.

Indian Gold Rates Gained By Rs. 190, On Oct 5

The data shows that the international gold prices are being able to maintain a decent level and in line with that Indian gold rates are rising. Today, on the spot market, gold prices crossed the $1770 once but fell later. This shows a potential gain of the metal in the upcoming days if the situation stays affirmative for the asset.

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 45,680/- 46,680/-
Delhi 45,900/- 50,080/-
Bangalore 43,750/- 47,730/-
Hyderabad 43,750/- 47,730/-
Chennai 44,050/- 48,060/-
Kerala 43,750/- 47,730/-
Kolkata 46,150/- 48,850/-

Indian jewellers have imported a massive amount of gold in September when the international rates were quite subdued. This will pay them now when the prices are rising again ahead of the festive season. India has increased its gold imports in September by 658% than 2020’s lower base.

Now as the gold is glittering again in the global markets and commenting on this, Mike McGlone, Bloomberg Intelligence senior commodity strategist told Kitco, “It’s only been about a year since gold’s last peak, and we believe it should be a relatively short matter of time to revisit. Gold has outperformed most major commodities in the past 20 years.” However, he added, “Gold, like treasury prices, has an enduring bull market in its favor, and a correction within that trend improves its relative value. Gold appears too cold approaching the start of 4Q. Risks tilt toward a continuation of September’s stock-market volatility, which should favor gold in 4Q.”

Story first published: Tuesday, October 5, 2021, 15:44 [IST]



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How To Invest In Gold ETF In Mobile App? Benefits Of Buying Gold ETF

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Investment

oi-Kuntala Sarkar

|

Investing in gold is popularly known as investing in gold jewelleries or gold coins. But some of the investors with better knowledge about the asset markets are realizing the benefits of buying Gold Exchange Traded Funds (ETFs) from their regular mutual fund mobile apps. Some fresh and young investors are looking forward to diversifying their portfolios and opting for gold as the best affordable option. They often try to understand how to buy gold ETF, hassle-free, from a regular mobile app. Here is the way how can you invest in gold ETFs regularly, and avoid the worries about gold impurities and storage costs, with easy liquidity.

How To Invest In Gold ETF In Mobile App? Benefits Of Buying Gold ETF

How can you buy a gold ETF

Investing in a gold ETF is as easy as investing in other company stocks, the procedure is the same as other ETFs. As you buy other ETFs through a mandatory Demat account, you need to have the same to buy gold ETFs. These will also be traded on the BSE or NSE at the current market price of gold. However, the Net Asset Value (NAV) of the ETFs will vary upon the house. The SBI gold ETF price will certainly differ from an Axis gold ETF because of the change in NAV and amount. So according to the company’s ETF costing, you can adjust the numbers of ETFs you are buying. If you have a better budget to invest, you will buy more numbers of ETFs, if you have a crunch in investment amount, you can buy lesser numbers of ETFs. You can start with buying even only one unit ETF to understand the market first. You can enter and exit from the investment any time you wish.

You need to have mobile apps like Groww or Zerodha, etc. along with a Demat account. Log in to your profile there and search gold ETF in the search box. You will be able to see a list of companies that are offering gold ETFs at different prices. For example, you will get SBI gold ETF, Axis gold ETF, ICICI gold ETF, Aditya Birla gold ETF, Kotak Gold ETF, etc. Then select your preferred company fund according to your affordable unit cost or NAV and returns. Tap on the selected fund and you will get the buy option on top. If you want to have a better idea of the fund and want to do some research, you can tap on the ‘fundamentals’ to check about the fund’s performance.

However, to invest in a particular ETF, after clicking on the ‘buy’ option, you need to fill in the details of your preference – like the quantity, and product type. Product type will be of 2 types – like MIS and CNC. For intraday trading, that means you will buy and sell the fund on the same day, you will have to select the MIS option. Otherwise, if you want to keep the gold ETF on hold for longer, then select the CNC option, which is preferred more. You can also hold the gold ETF for few years, for better returns. Then select either the ‘market’ price, which means the gold rate at the current time, or set your price ‘limit’ to buy the ETF. If you select the ‘market’ price then you do not need to put any price, because the app will automatically derive the price from the market. Otherwise set your price ‘limit’ by yourself. in that case, when the market rate will go at your price, you will be able to buy the ETF. You can also set your ‘stop loss’ and ‘set target’ according to your market knowledge, otherwise, you can leave it if you are a new investor. Then select the validity and tap on the ‘buy’ option finally.

After processing check the ‘Execute’ option at the top of your mobile app. There you can see your bought gold ETF details. If you want to see the profit and loss of your gold ETF, go to the portfolio at the bottom of your app. Then under the ‘Position’ option, you can check the daily profit and loss. If you are holding your gold ETF for more than 1 day, then check under the ‘Holding’ option. The gold ETF portfolio will be shown there.

After that, for liquidity, you can exit from the gold ETF at any time. In the same manner, click on your ETF under the ‘Holding’ option. You will find 2 options, – ‘add’ and ‘exit’. Tap on the ‘exit’ option at the bottom to sell your gold ETF. To sell you can again set your target price. Set the exact price you want to sell your gold ETF at, and wait for somebody to buy it. Otherwise, you can also sell the gold ETF at the market price, if the current market rate is better than your purchase rate. Remember one thing carefully, if you have purchased the gold ETF under the MIS option, then you will have to sell it under the MIS option, and if you have purchased it under the CNC option, you will have to do the same at the time of selling.

Before buying or selling gold ETF just check the company AUM. It will help you to get immediate liquidity at any time. The Nippon gold ETF, SBI gold ETF, HDFC gold ETF are the top 3 options preferred by investors because of their higher AUM.

Electronic gold receipts (EGR)

However, SEBI has recently cleared a proposal of setting up a gold exchange where it will be traded in the form of electronic gold receipts (EGR) to have a transparent domestic spot price discovery ecosystem. EGRs will be identified as securities. Ajay Tyagi, Chairman of SEBI said, “EGRs will have the trading, clearing and settlement features akin to any other securities. He added, “The gold exchange, encompassing the entire ecosystem of trading of EGR and physical delivery of gold, is expected to create a vibrant gold ecosystem in India.”



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Sept records 35% rise in BNPL loan applications, BFSI News, ET BFSI

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Chennai: Demand for Buy Now Pay Later (BNPL) loans from new borrowers rose 35% on an average in September as more Indians stepped out of lockdown and indulged in revenge purchases.

This surge in new customer acquisition is much higher than the last three months. With the festive season kicking in, lenders expect disbursement to double in the next two months.

ZestMoney’s CEO & co-founder Lizzie Chapman said, “We expect this to be a (festive) dhamaka festive season and the signs are already visible. In September alone, we had 50% more new customers sign up and transact with us.”

There is an increase in interest from retailers wanting to enable BNPL at their stores. BNPL offers at physical stores doubled in September, with new customer applications rising by 10X over the last three months, Chapman said. Besides metro cities, tier-2 and 3 markets have recorded three times more demand compared to metros. “As for consumer demand, we expect TVs and smartphones to be one of the largest categories followed by home appliances, online fashion, home decor etc. Demand for electric vehicles is also high and we are expecting to double our electric two-wheeler business next month,” she said.

Most borrowers come from the age category of 22-36 years.

With a month-on-month customer growth for new loans at a healthy 35%, fintech lender CASHe anticipates the next few months to witness higher demand for products led by the BNPL offering. Its CEO Yogi Sadana said,“We have approved over 40,000 loans in September which has been its best month of the year so far. Around 70% of the demand is currently from metros. However, new customer acquisition from tier-2 & 3 cities is rapidly increasing.”

LenDenClub saw the average ticket size of BNPL loans increase from Rs 9,500 in July to Rs 13,000 in September. Its co-founder and CEO Bhavin Patel said, “We have disbursed about 3.5 lakh loans given till now, of which 80% of loans are completely closed or repaid. We have received over 1.60 lakh applications in September month, of which 18%-20% from new customers, higher august growth 10%-15%.”

Capital Float’s co-founder & MD Gaurav Hinduja said they saw a 30% increase in new customer acquisition in September. “We find the number of new customers signing up for BNPL very encouraging. About 50% of our customers are from non-metro cities,” Hinduja said.



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Multibagger Metal Stocks; 5 Metal Stocks Doubled Share Holders’ Money In A Year

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Multibagger Metal Stock: Adani Enterprises

The Adani Group is a multinational conglomerate based in Ahmedabad, India. Gautam Adani started it in 1988 as a commodity trading corporation, with Adani Enterprises Limited as its centerpiece. Only 5.04 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock returned 1072.54 percent over three years, compared to 58.78 percent for the Nifty 100.

In the most recent quarter, the company generated a net profit after tax of Rs 196.78 crore. Adani Enterprises Ltd. has declared an equity dividend of Rs 1.00 per share in the last 12 months.

Market Cap (Rs. in Cr.): 170223.11

Earning Per Share: Rs. 6.43

Price To Earnings (P/E) Ratio: 240.79

Book Value Per Share: Rs. 35.33

Multibagger Metal Stock: Hindustan Copper

Multibagger Metal Stock: Hindustan Copper

Central Public Sector Enterprise under India’s Ministry of Mines. Only 4.12 percent of trading sessions in the last 11 years had intraday gains of more than 5%. Annual sales growth of 104.95 percent surpassed the company’s three-year CAGR of 2.08 percent.

The stock returned 156.99 percent over three years, compared to 75.85 percent for the Nifty Midcap 100. Over a three-year period, Hindustan Copper gained 156.99 percent, while Nifty Metal provided investors a 59.83 percent gain. In the most recent quarter, the company generated a net profit after tax of Rs 45.63 crore.

Market Cap (Rs. in Cr.): 11546.27

Earning Per Share: Rs. 1.31

Price To Earnings Ratio: 91.30

Book Value Per Share: Rs. 6.97

Multibagger Metal Stock: Tata Steel

Multibagger Metal Stock: Tata Steel

Tata Steel Limited, headquartered in Mumbai, Maharashtra, India, is an Indian multinational steel-making corporation centered in Jamshedpur, Jharkhand. The Tata Group owns the company.

The stock returned 133.13 percent over three years, compared to 58.78 percent for the Nifty 100. Over a three-year period, the stock returned 133.13 percent, while the Nifty Metal provided investors a 59.83 percent gain. In the most recent quarter, the company generated a net profit after tax of Rs 9,646.07 crore. Tata Steel Ltd. has issued an equity dividend of Rs 25.00 per share in the last 12 months.

Market Cap (Rs. in Cr.): 158931.72

Earning Per Share: Rs. 159.40

Price To Earnings Ratio: 8.28

Book Value Per Share: Rs. 658.30

Multibagger Metal Stocks: Steel Authority of India

Multibagger Metal Stocks: Steel Authority of India

Steel Authority of India (SAIL) Ltd., founded in 1973, is a Large Cap business in the Metals – Ferrous sector with a market cap of Rs 49,463.04 crore. Only 4.05 percent of trading sessions in the last 16 years had intraday gains of more than 5%. Annual sales growth of 11.83 percent surpassed the company’s three-year CAGR of 6.4 percent.

The stock returned 82.55 percent over three years, compared to 58.78 percent for the Nifty 100 index. In the last three-year period, the stock returned 82.55 percent, while the Nifty Metal provided investors a 59.83 percent return. In the most recent quarter, the company posted a net profit after tax of Rs 3,835.81 crore.

Market Cap (Rs. in Cr.): 49525.00

Earning Per Share: Rs. 21.72

Price To Earnings Ratio: 5.52

Book Value Per Share: Rs. 94.18

Multibagger Metal Stocks: National Aluminium

Multibagger Metal Stocks: National Aluminium

National Aluminium Business Ltd., founded in 1981, is a Mid Cap company in the Metals – Non-Ferrous sector with a market capitalization of Rs 19,229.53 crore. Only 3.83 percent of trading sessions in the last 16 years had intraday gains of more than 5%.

In the fiscal year ended March 31, 2021, the company generated a return on equity of 12.16 percent, surpassing its five-year average of 9.99 percent. The stock returned 61.37 percent over three years, compared to 75.85 percent for the Nifty Midcap 100. In the last three-year period, the stock delivered a 61.37 percent return, while the Nifty Metal provided investors a 59.83 percent return. In the most recent quarter, the company generated a net profit after tax of Rs 347.73 crore.

5 Multibagger Metal Stocks Doubled Share Holders' Money In A Year

5 Multibagger Metal Stocks Doubled Share Holders’ Money In A Year

Metal Stocks Price in Rs. 1-Year Return (NSE)
Adani Enterprises 1,549.40 374.40%
Hindustan Copper 119.75 260.69%
Tata Steel 1,324 246.32%
S A I L 120.70 243.39%
Natl. Aluminium 104.15 222.95%

Disclaimer

Disclaimer

Investors should note that investing in stocks is risky and neither the author, nor Greynium Information Technologies Pvt Ltd, nor the brokerage would be responsible for losses based on a decision from the above article. The above article is only for educational purposes.



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Will Srei firms head for bankruptcy after RBI supersedes boards?, BFSI News, ET BFSI

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The Reserve Bank of India‘s move to supersede the boards of Srei group firms may see the companies head for the National Company Law Tribunal for corporate insolvency resolution under the IBC.

Most banks favour DHFL-type resolution for the group. However, the move may be opposed by Srei promoters, who have submitted a proposal to pay the full amount to banks under a scheme filed under Section 230 of the Companies Act 2013 in October 2020.

What Srei says

“We are shocked by the RBI’s move as banks have been regularly appropriating funds from the escrow account they have controlled since November 2020. Moreover, we have not received any communications from banks on any defaults,” Srei group said.

“The question of IBC does not arise because we have already submitted a debt realignment plan which has been accepted by some creditors. The plan involves paying every creditor their entire dues in a structured manner over time. in the past 10 months, the banks have collected Rs 3,000 crore through the TRA account. Hence, we are already repaying our loans. So the question of default does not arise. As banks had control over the company’s cash flow, we could not pay any other creditors. Nevertheless, the matter is sub-judice since it is with the tribunals and counts,” Srei had said. according to a report.

Srei Group was in talks for a debt realignment and lenders were waiting for the outcome of an ongoing forensic audit to take a call on debt realignment.

Related party lending?

In FY2020, RBI audit had flagged Rs 8,576 crore of probable related-party lending by Srei group.

“We had submitted a proposal to pay the full amount to banks under a scheme filed under Section 230 of the Companies Act 2013 in October 2020. However, they have neither accepted the scheme nor proposed a payment schedule acceptable to them. Banks have been controlling the company’s cash flow since November 2020. Almost Rs 3000 crore has been collected by them, out of which they have been disbursing to themselves, Srei said.

The loans

Srei Infrastructure, and its subsidiary Srei Equipment Finance, together owe lenders and debenture holders a total of Rs 30,000 crore. Kolkata-based UCO Bank is the lead lender, with more than Rs 2,000 crore of exposure. State Bank of India (SBI)’s exposure to the group is also more than Rs 2,000 crore.

The bank loans have turned non-performing assets after the end of the September quarter.

The company had earlier announced that Arena Investors, Makara Capital and others had evinced interest to invest in the company to the tune of Rs 2,200 crore. The company had formed a strategic coordination committee to coordinate, negotiate and conclude discussions with the investors.

The suitors

Till date, it received expressions of interest from 11 investors and has signed non-disclosure agreements with nine of them. Two Investors — Makara and Arena — had submitted non-binding term sheets indicating their intent for investment.

Srei Infrastructure, which is a listed entity, reported a net loss of Rs 971 crore in the June quarter as against Rs 23 crore net profit in the year ago period as provisions on loans rose nearly seven times to Rs 439 crore over the same period as repayment collections were hit due to the impact of the Covid 19 pandemic.

“The appointment of the administrator by the RBI paves the way for the corporate resolution process of the two Srei entities. Once the NCLT approves the same, the board of directors of these entities will stand suspended. A moratorium will be imposed on any proceedings against these entities, enforcement of any security or transfer of assets.

The CIRP will enable foreign creditors, including ECB lenders and bond holders to restructure their debts alongside domestic creditors. If a resolution plan is successfully approved under the CIRP, it will allow the companies to start on a clean slate, which is missing under the RBI stressed assets framework. This decision of RBI follows on the heels of a successful resolution process of DHFL,” Aashit Shah, Partner, J Sagar Associates, said.



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Reserve Bank supersedes boards of Srei Infrastructure, Srei Equipment Finance, BFSI News, ET BFSI

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The Reserve Bank of India said on Monday it has superseded the board of directors of non-banking financial companies Srei Infrastructure Finance Ltd and Srei Equipment Finance Limited due to governance concerns and defaults, adding that it will initiate bankruptcy proceedings against them.

Rajneesh Sharma, the former Chief General Manager of the Bank of Baroda, has been appointed the administrator.

Last week, a consortium of lenders led by UCO Bank sought central bank directions on pursuing recovery of dues from the Srei Group after loans worth about Rs 30,000 crore to the Kolkata-based financier officially qualified to be moved to the list of non-performing assets (NPA) this quarter.

Srei Infrastructure, and its subsidiary Srei Equipment Finance, together owe lenders and debenture holders a total of Rs 30,000 crore. Kolkata-based UCO Bank is the lead lender, with more than Rs 2,000 crore of exposure. State Bank of India (SBI)’s exposure to the group is also more than Rs 2,000 crore.

The bank loans have turned non-performing assets after the end of the September quarter, two senior bank executives told ET.

The company had earlier announced that Arena Investors, Makara Capital and others had evinced interest to invest in the company to the tune of Rs 2,200 crore. The company had formed a strategic coordination committee to coordinate, negotiate and conclude discussions with the investors.

Till date, it received expressions of interest from 11 investors and has signed non-disclosure agreements with nine of them. Two Investors — Makara and Arena — had submitted non-binding term sheets indicating their intent for investment.

Srei Infrastructure, which is a listed entity, reported a net loss of Rs 971 crore in the June quarter as against Rs 23 crore net profit in the year ago period as provisions on loans rose nearly seven times to Rs 439 crore over the same period as repayment collections were hit due to the impact of the Covid 19 pandemic.

with inputs from Atmadip Ray



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Mahindra Finance reports 100% collection efficiency in September, BFSI News, ET BFSI

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Mahindra Finance, the NBFC arm of the Mahindra Group has reported a 100% collection efficiency for the month of September, as per latest figures revealed by the company. This is on the back of improvement in mobility during September even as the economy opens up post Covid.

The company’s September collection efficiency is an improvement over the levels of 95% and 97% in July and August, 2021 respectively. This has resulted in the further reduction in the NPA contracts during September, a trend which the company feels will continue in the third quarter of FY22.

During September, the company’s total disbursement stood at Rs 1900 crore, a growth of 23% on a YOY basis, albeit on a lower base in FY21 due to the first wave of the pandemic. During Q2 of FY22, the total disbursement stood at Rs 6450 crore, a 60% YOY growth over Q2 of FY21.

Mahindra Finance is hopeful of a good third quarter of FY22, subject to improvement in the auto supply chain as well as a good festive season and harvest cashflow. The company mentioned that it enjoyed a comfortable liquidity position on its balance sheet as on 30th September, 2021.

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3 IT Stocks To Buy For Good Returns As Recommended By This Brokerage House

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Buy Tech Mahindra stock

Emkay Global sees an upside of nearly 24% on the stock of Tech Mahindra and has set a target price of Rs 1,700 on the stock, with a buy recommendation.

“We expect 4.2% QoQ growth in USD revenue with cross-currency headwinds of 50 basis points. We expect 3% growth in Communications and 5% growth in the Enterprise business. Expect EBIT margins to decline marginally by 10 basis points sequentially due to supply-side challenges. Key things to watch out for: 1) Communications and Enterprise business outlook, 2) update on 5G-related technology spending uptick, 3) performance of the BPO business, 4) FY22 revenue growth and margin outlook, 5) attrition, and 6) deal intake during the quarter, deal pipeline and deal closure momentum,” the brokerage has said.

Birlasoft Ltd

Birlasoft Ltd

Emkay Global also sees an upside of approximate 24% on the stock of Birlasoft Ltd and has set a target price of Rs 500, as against the current market price of Rs 409.

“We expect 5.3% QoQ USD revenue growth after considering 20 basis points cross-currency headwinds. EBIT margins are expected to decline by 110 basis points due to wage hikes and supply-side challenges. We expect net profits to decline 6.4% sequentially. Key things to watch out for: 1) order wins during the quarter and deal pipeline, 2) outlook on revenue and margin trends through FY22, 3) outlook for key industries like Manufacturing, Life Sciences, BFSI, and E&U, 4) attrition and steps taken to manage supply-side challenges,” the brokerage has said in the IT report.

Route Mobile

Route Mobile

The brokerage also has a buy call on the stock of Route Mobile with a price target of 19% on the stock to a target price of Rs 2,420.

We expect revenue to grow 14.9% QoQ on recovery in volume and benefits accruing from the rate increase in ILD messages. Recovery in revenue growth momentum and better realization to drive 130bps margin expansion sequentially. Key monitorables: 1) Impact on revenues and margins due to the price hikes on SMS charges for global companies by telcos, 2) traction in demand for new products, 3) update made on developer program, 4) RCS traffic monetization plan,” the brokerage has said.

Disclaimer

Disclaimer

The investment ideas are picked from the brokerage report of Emkal Global. Investors should note that investing in stocks is risky and neither the author, nor Greynium Information Technologies Pvt Ltd, nor the brokerage would be responsible for losses based on a decision from the above article.



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How To E-Verify Your Income Tax Return In New Income Tax Portal?

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How to e-verify Income tax using Net Banking?

Step 1: On the e-Verify page, click Continue after selecting Through Net Banking.

Step 2: Click Continue after selecting the bank through which you want to e-Verify.

Step 3: Read the disclaimer and make sure you understand it. Click Continue.

Note: You will then be sent to the Net Banking login page for your bank account.

Step 4: Enter your Net Banking user ID and password to access your account.

Step 5: From your bank’s website, click the link to log in to e-Filing.

Step 6: After successfully logging in, you will be sent to the e-Filing Dashboard. On the appropriate ITR / Form / Service, click e-Verify. Your ITR / Form / Service will be e-Verified successfully.

A success message and a Transaction ID are displayed on a page. Please keep the Transaction ID on hand in case you need it again. You will also receive a confirmation message to the email address and phone number you supplied on the e-Filing portal.

How to e-verify income tax using Demat Account?

How to e-verify income tax using Demat Account?

How to e-Verify Income tax using Demat Account?

Step 1: Log in to your e-filing account with login details

Step 2: Select the ‘Profile Setting’ button and then the option to ‘Pre-validate Your Demat Account.’

Step 3: Fill up the following information: DP ID, Client ID, Depository Type (NSDL/CDSL), Mobile Number, and Email Address.

Step 4: Select the ‘Pre-validate’ option from the drop-down menu.

Step 5: If you choose yes, the EVC will be sent to your registered phone number.

Verify your returns using the EVC you received.

How to e-Verify tax return after login?

Step 1: Enter your user ID and password to access the e-Filing portal.

Step 2: Select e-File > Income Tax Return > e-Verify Return from the drop-down menu.

Step 3: On the e-Verify Return screen, choose the unconfirmed return and click e-Verify.

Step 4: Click Ok if you’re e-Verifying the return after it’s been 120 days since you filed it.

Step 5: Select the Reason for Delay from the selection and click Continue to submit a condonation delay request.

Step 6: Select the e-verification mode.

How to e-verify using Digital Signature Certificate ?

How to e-verify using Digital Signature Certificate ?

You will not be able to e-Verify your ITR using a Digital Signature Certificate if you choose the e-Verify Later option while filing your Income Tax Return. You can use DSC as an e-Verification option if you want to e-Verify your ITR right after filing.

Step 1: Select I’d want to e-Verify utilizing a Digital Signature Certificate on the e-Verify page (DSC).

Step 2: Select Click here to download emsigner application from the Verify Your Identity page.

Step 3: On the Verify Your Identity page, select I have downloaded and installed emsigner utility and click Continue when the download and installation of emsigner utility is complete.

A page featuring a success message and a Transaction ID is displayed. Please keep the Transaction ID on hand for future use. A confirmation message will also be sent to the email address and mobile number you provided on the e-Filing portal.

How to e-verify after generating Aadhaar OTP?

How to e-verify after generating Aadhaar OTP?

Step 1: On the e-Verify page, select I’d like to verify using an OTP on an Aadhaar-linked mobile number and click Continue.

Step 2: Select the I agree to validate my Aadhaar Details checkbox on the Aadhaar OTP screen and click Generate Aadhaar OTP.

Step 3: Click Validate after entering the 6-digit OTP sent to your Aadhaar-registered mobile number.

Note:

  • The OTP will only be valid for 15 minutes.
  • You have three chances to type in the correct OTP.
  • The screen’s OTP expiry countdown timer indicates when the OTP will expire.
  • A new OTP will be generated and sent when you click Resend OTP.
  • A confirmation message will also be sent to the email address and mobile number you provided on the e-Filing portal.

How to e-Verify using existing Aadhaar OTP?

Step 1: On the e-Verify page, select I already have an OTP on Mobile number registered with Aadhaar.

Step 2: Enter the 6-digit OTP available with you and click Continue.

A confirmation message will also be sent to the email address and mobile number you provided on the e-Filing portal.

How to Generate Electronic Verification Code (EVC) through Bank ATM?

How to Generate Electronic Verification Code (EVC) through Bank ATM?

Step 1: Go to an ATM at your bank and swipe your ATM card.

Note that only a few banks offer the service of generating EVC via a bank ATM.

Step 2: Enter your PIN.

Step 3: Select Generate EVC for Income Tax Filing from the drop-down menu.

An EVC will be delivered to the mobile number and email address you provided when you enrolled for the e-Filing portal.

Note: Your PAN must be linked to your bank account, and the same PAN must be registered with the e-Filing portal.

Step 4: Select I already have an Electronic Verification Code (EVC) as a preferred e-Verification option to use the produced EVC to e-Verify the return.

Delay in e-verification attract any penalty?

Delay in e-verification attract any penalty?

If you do not verify your return in a timely manner, it will be deemed as unfiled, and you will be subject to all of the penalties imposed by the Income Tax Act of 1961 for not filing an ITR. You may, however, ask for a delay in verification to be excused provided you provide sufficient justification. You’ll be able to e-Verify your return only when you’ve submitted such a request. The return, on the other hand, will only be considered genuine once the condonation request has been authorised by the appropriate tax authority.



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