Income Tax Return-Verification form- recent update

Last Updated On: July 18, 2020, 1:16 p.m.
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ITR-VERIFICATION FORM

ITR-V form stands for “Income Tax Return-Verification form”. It is a one-page document received when a person file his/her ITR online without using Digital Signature. The I-T Department needs to verify the authenticity of your e-filing which does not have a digital signature. On receipt of Form ITR-V, you have to sign the copy of the Form in ‘blue ink’ and submit it to the I-T Department CPC, Bangalore to complete the filing process.

However, filing your return online doesn’t mean the process is completed. If you have added the ‘digital signature’ while e-filing, then your filing process is complete. The It Department will send you acknowledgment through the mail.

But, If you have filed your IT return without adding a ‘digital signature’, then your process is not been completed. Your e-filing will only be complete after the central processing center (CPC) of the I-T department sends an email or SMS acknowledging the receipt of the Form ITR-V.

The Obligation of an individual or HUF taxpayer does not just end by paying tax. There are three important steps to be completed for the process to come to an end.

  • The first step is to prepare and submit the Income Tax return on Income Tax filing portal https://www.incometaxindiaefiling.gov.in and this happens only when the assessee overcomes the dilemma of which form to be filed whether ITR-1 or ITR-2, ITR-3, IT (it has been explained in detail in the other article).
  • The second step is the verification of the Income Tax return within 120 days of filing Income Tax return. Sometimes, this step becomes complicated to few taxpayers as they fill their wrong details, Adhaar, mobile number not updated, delay in sending hard copy of ITR-V.
  • The third step is that the Income Tax Department processes your Income Tax return.

Over the years, the Income Tax Department has incorporated several additional ways to get the verification process done. Most of them are electronic modes this is to avoid manual work leading to file Income tax return quickly.

Considering the problems faced by the taxpayers in the process of verifying the Income Tax Return. CBDT has announced an important measure for the ease of taxpayers.

CBDT vide Circular No. 13/2020 dated 13th July 2020, has provided one-time relaxation for verification of Income-tax return for the assessment years 2015-16 to 2019-20 which are pending due to non-filing of “ITR-V Form”.

This relaxation is provided to those taxpayers who have filed their ITR forms in the assessment year during the last 5 years but has not completed the authentication process either electronically or by sending a signed physical copy of the same to the department at the Central Processing Centre (CPC), Bangalore.

Consequences of Non-filing of ITR-V form:

Any Assessee who doesn’t complete filing the ITR-V form will lead to the situation where their ITR form will be rendered invalid or non- existent.

Now such assessees can verify their ITR-V for earlier five financial years i.e, FY 2014-15, 2015-16, 2016-17, 2017-18, 2018-19. This verification process must be completed by 30th September 2020.

These are the various methods of ITR e-Verification where the assessee can opt any one method to verify their Income-tax return.

a) Through Aadhaar OTP

b) By logging into e-filing account through net banking

c) EVC through Bank Account Number

d) EVC through Demat Account Number

e) EVC through Bank ATM

f) By sending duly signed physical copy of ITR-V through the post to the Centralised Processing Centre, Bengaluru.

NOTE: This relaxation is not applicable where the Income Tax Department has already taken recourse to any other measure as specified in the Income Tax Act for ensuring filing of a tax return by the taxpayer concerned.

CBDT may take the necessary course of action against those taxpayers who fail to file their pending returns of income by the specified date, i.e, 30th September 2020.

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