On 4 April, the income tax department introduced a new facility called e-filing vault. It adds a second level of authentication for logging into your e-filing account, to prevent undue access to people’s financial information. Once you opt for this facility, a one-time password (OTP) will be needed every time you or someone else wants to open your e-filing account.
UPGRADING SECURITY
E-filing accounts contain financial details such as your permanent account number (PAN), address, bank account details, tax deducted at source, and history of income tax returns filed earlier. Since it contains almost all the financial details of an assessee, it is essential that the account is secure. The e-filing vault facility helps do this.
According to a release by the finance ministry, “By using this facility, taxpayers can prevent anyone from logging in even if in the past they shared the user ID and password. The dual factor authorisation ensures higher degree of security compared to the simple user ID and password.” This facility is similar to the process followed for most online banking transactions. Many banks need you to enter an OTP or a few digits from your ATM card for fund transfer or making payments.
