INCOME TAX RETURN -ALL ABOUT ITR-V

What is an ITR-V?

ITR-V stands for 'Income Tax Return – Verification' form.This form is
received when you e-file without using a digital signature.Income Tax
Department needs to verify the authenticity of income tax return when filed
online without using a digital signature. On receipt of ITR-V you have to
sign the copy and submit to the Income Tax Department to complete the
filing process.

What steps are to be followed when I e-file without using a Digital
Signature?

When you e-file without using a Digital Signature, you receive ITR-V as an
attachment in the e-mail sent by the Income Tax Department. Since the
return you filed was not signed, your filing is still incomplete. To
complete the return filing process, follow the below mentioned steps –

1.Print and sign ITR-V.
2.Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
3.Mail the envelope within 120 days of e-filing to –

Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.

Upon receipt of ITR-V, Income Tax Department will send an e-mail
acknowledging the receipt of signed copy of ITR-V. This is your
acknowledgement.

Your filing is now complete..

Can I submit ITR-V anywhere else in India?

No, you cannot. You have to compulsorily mail your ITR-V in a sealed A-4
envelope to the address mentioned above.

Is there any time limit for submitting ITR-V to Income Tax Department?

Yes, you should mail your ITR-V within 120 days of e-filing your return.

What if I do not submit ITR-V within 120 days?

If you miss submitting your ITR-V within 120 days, your e-filing will be
considered as null and void. It means that it will be considered that you
have not yet filed your return. In such a case you will have to file
revised return, get a new ITR-V and submit the same within 120 days.

What is the Last Date for filing an Income Tax Return?

The Due Date of filing your Income Tax Return for a financial year is 31st
July after the end of the financial year. Thus, for financial year ended on
31st March, 2012, the due date of filing Income Tax Return is 31st July,
2012.

Does that mean that I cannot file return after the last date mentioned?

No, it does not mean so. You can file return after the last date also.
However, in such case you will have to pay penal interest @ 1% per month
for late filing. In case you have not filed your Income Tax Return for the
financial year ended on 31st March, 2012 till 31st July, 2012, still you
can file the same till 31st March, 2013. You may be required to pay
Interest. Further, in case you have still missed to file your Income Tax
Return by 31st March, 2013, you can still file the same till 31st March
2014, beyond which the return will become time barred and you would not be
able to file the same. Assessing Officer may require you to pay penalty up
to Rs.10,000 for late filing of Income Tax Return.



Dos and Don'ts for printing and submitting of ITR-Vs to ITD-CPC Bangalore
(A.Y. 2012-13)


1) Please use Ink Jet /Laser printer to print the ITR-V
Form.

2) The ITR-V Form should be printed only in black ink.

3) Do not use any other ink option to print ITR V.

4) Use of Dot Matrix printer should be avoided.

5) Ensure that print out is clear and not light
print/faded copy.

6) Please do not print any water marks on ITR-V. The only
permissible watermark is that of "Income tax Department" which is printed
automatically on each ITR V.

7) The document that is mailed to CPC should be signed in
original.

8) Photocopy of signatures will not be accepted.

9) The signatures or any handwritten text should not be
written on Bar code.

10) Bar code and numbers below barcode should be clearly
visible.

11) Only A4 size white paper should be used.

12) Avoid typing anything at the back of the paper.

13) Perforated paper or any other size paper should be avoided.

14) Do not use stapler on ITR V acknowledgement.

15) In case you are submitting original and revised returns,
do not print them back to back. Use two separate papers for printing ITR-Vs
separately.

16) Please do not submit any annexure, covering letter, pre
stamped envelopes etc. along with ITR-V.

17) The ITR-V form is required to be sent to Post Bag No.1,
Electronic City Post Office, Bengaluru, Karnataka-560100, by ordinary post
or Speed Post.

18) ITR-Vs that do not conform to the above specifications may
get rejected or acknowledgement of receipt may get delayed.



IMPORTANT ISSUES RELATING TO ITR-V

*The due date for submission of ITR-V is 120 days from the date of upload
of e-return.*
*
*
In case the return is not digitally signed, on successful uploading of
e-Return, the ITR-V Form would be generated which needs to be printed by
the tax payers. This is an acknowledgement cum verification form. A duly
signed ITR-V form should be mailed to *"Income Tax Department – CPC, Post
Bag No - 1, Electronic City Post Office, Bengaluru - 560100, Karnataka, " **BY
ORDINARY POST OR SPEED POST ONLY *within 120 days of transmitting the data
electronically.
*
*
*ITR-V sent by Registered Post or Courier will not be accepted.*
No Form ITR-V shall be received in any other office of the Income-tax
Department or in any other manner. In case, Form ITR-V, is furnished after
the above mentioned period, it will be deemed that the return in respect of
which the Form ITR-V has been filed was never furnished and it shall be
incumbent on the assessee to electronically re-transmit the data and follow
it up by submitting the new Form ITR-V within 120 days. This completes the
Return filing process for non-digitally signed Returns.

After reaching of ITR-V at CPC, you will get E-acknowledgment. The status
of Acknowledgment can also be verified on

https://incometaxindiaefiling.gov.in/portal/index.do

UNDER SERVICES NAMED AS ITR-V Receipt Status

*
*
*
*
*
*
*
*
*
*
*For any query relating to filing of Income Tax Return, please call
18001801961.*
*
*
*
*




By
CA GIRISH KULKARNI


Note:-The information is compiled from www.taxguru.in and
www.incometaxindiaefiling.gov.in