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.
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:
Following are the advantages of Online filing of IT returns online:
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.
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.
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.
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.