ITR-V is the acronym for ‘Income Tax Return-Verification’ Form. This is a single page document. You receive an ITR-V after filing IT return online when you do not use a digital signature for the same. This form is sent by the IT Department in order to verify whether the document you submitted without a digital signature at the time of e-filing is genuine or not. After receiving the Form ITR-V you need to put your signatures in the Form using ‘blue ink’ and post it to IT Department CPC, which is located in Bangalore in order to complete the filing process.
How to file IT Returns?
There are several websites on which you can file for income tax returns online either on the official website of the IT department or several other authorized websites that are as follows:
The Advantages of Filing Income Tax Returns Online
Following are the advantages of Online filing of IT returns online:
- Speed: Be it acknowledgment of ITR forms or the claiming the refunds, the process has become quite smooth and seamless when compared to regular paper filing method.
- Flexibility: Taxpayers have the leverage to file their tax returns whenever and wherever you feel like as per their convenience.
- Accuracy: Online filing software allows you to e-file the returns as they have intrinsic mechanisms.
- Security: Online filing is quite safer when compared with paper-based filing as it is tamper proof.
- Accessibility: The E-filing software application is one of the easiest ways to gain information.
- Environment friendly: Online filing requires almost zero paperwork which is completely different from paper-based filing. E-filing of tax returns has gradually grown out to be compulsory for the following organizations:
- An organization, person or HUF (Hindu Undivided Family) who wish to go for an audited of their accounts under section 44AB.
- A person who claims a tax deduction as per section Income tax Section 90, 90A or section 91.
- All the organization or all the AOP or BOI
- A political alliance, if their taxable income surpasses a set amount, not claiming exclusions U/S 13A
- A person who earns Rs. 5 Lakhs in the preceding year has to file income tax returns separately and that individual has to fill up IT returns in the form ITR7.
- Inhabitant and HUF that has asset or financial interest or with signing authority in any organization abroad.
If the person paying the taxes incorporate his or her digital signature (this will cost around Rs.1,500) while filing income tax returns online, the process gets completed with this no further formalities are needed. The person paying the tax will get to receive an acknowledgement from the income tax department and they notify them using an email.
When the person paying the taxes files the income tax returns online putting a digital signature, then the process is said to be incomplete. The returns are in that case must be sent to the Central Processing Centre (CPC) which is situated in Bangalore.
Income Tax Return-Verification form (ITR-V)
If the person who is paying the taxes filed returns online does it without using the digital signature then the person needs to send ITR-V to the CPC (Central Processing Centre) of the Income Tax Department which is located in Bangalore. If the person fails to do so then the returns are considered as invalid.
Income Tax Return (ITR-V - Verification is a kind of acknowledgement given for the returns) is a page long document which the taxpayer receives when they chose to e-File returns and do not use a digital signature. The document that verifies the authenticity of taxes is sent to the taxpayer by the income tax department. Therefore, you need to confirm the legitimacy of your e-filing returns document and for this, no digital signature is required.
How to make sure that the Documentation is proper?
You PAN (lower case) is the password for your document and this is in addition to your date of birth (DDMMYYYY). Taxpayers need to follow the instructions that are discussed below before they post their ITR-V forms to Income tax department at Bangalore.
- Taxpayers need to use only A4 size paper.
- Print out needs to be visible and should not be a faded one.
- Taxpayers need to put their signature on the document using blue ink.
- Make sure that you do not put your sign on the bar code.
- Make sure that the bar code and the numbers printed below are clear.
- Do not fold or staple the document.
- Pre-stamped envelopes, no annexures, and such documents must be attached with the ITR-V form.
- You need o use two distinct papers in order to print original and the revised returns.
- The ITR-V form should reach the Central Processing Centre (CPC) in 120 days of the filing of returns.
- ITR-Vs that move away from the specifications mentioned above might get rejected or do not gets the receipt of acknowledgement timely.
- Process Complete: After receiving the ITR-V form, the payer of the tax needs to put his or her signature on form’s copy (make sure your use the blue ink). Along with this, you do not have to send any documents that support your income tax.
- You need to send the envelope to the address given:
- Income Tax Department - CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka, India.
After How Many Days the Receipt for Acknowledgement is Received?
Normally, the receipt is received within 3 weeks from the date on which you post your ITR-V form which is to send an acknowledgement to the email id of the taxpayer. If the acknowledgement is not reached within 3 weeks, then you need to send another photocopy of your income tax returns to the CPC, income tax department.
What is the Process to Follow in Case you Haven’t Received Any Acknowledgement?
If the taxpayer fails to receive an acknowledgement, then they need to login in the official income tax website and this will open up their online account. From there you can download your form. You will get the acknowledgement after opening up 'E-filing processing status' which you will get beneath 'My Account'.
In order to get the acknowledgement receipt, one needs to add their PAN as well as a year of assessment. You can also enter the acknowledgement number of your e-filing on the 'ITR-V Receipt Status' tab mentioned beneath 'Services' menu of the website.
In order to know the status of e-filing returns, taxpayers also have the leverage to ring to the call centre of the Central Processing Centre at 1800-4250-0025 between 9am to 8pm. Moreover, for any refund or rectification one can dial to 1800-425-2229.
If you have filed your tax returns after the completion of the assessment year, then the income tax department charges a penalty of Rs. 5000 and this is as per section 271F. If you fail to file the returns on the due date, under section 139(1), the loss that is incurred in the ‘profits and gains of business and professions’ as well as ‘capital gains’ are not carried forward to the next year.
The Aadhaar Connection:
The Central Board of Direct Taxes (CBDT) has launched a new system in which an electronic verification code based on Aadhaar is sent to the person who pays the tax in order to authenticate the account, thus this removes the need to send photocopies to CPC which is located in Bangalore for verification.
Frequently Asked Questions:
1. Can I use registered post or courier to send ITR-V to Central Processing Centre Bangalore?
No. Only ordinary or speed post are only allowed to send your ITR-V. The main reason is that an acknowledgement is not required from the receiver which is the CPC in this case.
2. There are two members in my family who pay taxes, so can I send both the ITR-Vs in one envelope?
Yes. You are allowed to send more than one ITR-Vs in one to envelop to Central Processing Centre (CPC) located at Bangalore. You need to make sure that the printed barcode is proper and does not tamper. Moreover, do not staple both the ITR-Vs together.
3. From where to get the reference of a form if the taxpayer was unable to download the ITR-V form after filing the tax return?
The ITR-V is present on your profile of your Income Tax e-filing. Login to the official site, then visit ‘My Account’ and select ‘My Returns/Forms’. Here you will get all the ITR-Vs that were filed by you online.
4. Can I verify Income Tax Return without sending a hardcopy to CPC Bangalore?
Yes. Another way is to use Aadhaar Card verification or electronic verification code (EVC) if you do not intend to send a hardcopy of your ITR-V to CPC Bangalore. The first step is to link your Aadhaar Card with PAN so as to make sure that the e-verification takes place.