Effective November 1, 2023, taxpayers with an Annual Turnover exceeding Rs. 20 Crores in India need to adopt Two-Factor Authentication (2FA) during login. This new requirement enhances security by adding an extra layer of protection, typically a one-time password (OTP), alongside regular login credentials.
The objective is to fortify the security of financial transactions and sensitive data within the taxation system. By mandating 2FA, it significantly reduces the risk of unauthorized access and data breaches, aligning with global cybersecurity standards. This proactive step reflects a commitment to safeguarding taxpayers’ financial information and ensuring the integrity of the tax system.