Monday, May 14, 2012

What is ITR-V ? By whom, when ,where to send ? How to print, open ITR-V

on Monday, May 14, 2012

E filing of Income Tax return has already started for assessment year 2012-13 .ITR-1 (sahaj) and ITR-4S (sugam )  can now be uploaded on Income Tax e filing site.We also love e filing .But we should be very careful while filing online return as these are processed through computer ,sometime minor error may cost you a lot .So all data must be filled in prescribed manner with utmost care .

Read a complete Guide How to e file your Income Tax return 

Last year 1.64 crore person had filed their return online mode.But almost 10% return(15 Lakh) online income Tax returns were rejected due to non-filing of ITR-V. So it is most important to know more about ITR-V while filing Income Tax return online without digital signature.

What is ITR-V ? 

ITR-V (V here for verification) is  form for the taxpayers,is an acknowledgement cum verification form.

By whom it is to be used

Person who are not using digital signature while e-filing the Income Tax return have to print out ITR-V and send it to appropriate office within specified time .  

Time Limit For this form

Within 120 days of uploading the return on the ITD e-filing website.

Where it  is to be sent ?

The tax payer has to print and duly sign the same and send it to "Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100, Karnataka" by ordinary post or speed post only. Upon receipt of the ITR-V, the ITD will send an e-mail acknowledging the receipt of ITR-V to the email id entered in the return form. No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner. This completes the return filing process for non-digitally signed returns.

Other ITR-V related FAQ

What date should be provided in case 'Ancestral Date' is written on PAN Card ?

Answer: Kindly enter the date as 01/01/0001

Can I send the ITR-V to CPC by Registered Post

Answer: The tax payer has to send the duly signed copy of ITR-V to &qout;Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100, Karnataka&qout; within 120 days of uploading the return by ordinary post or speed post only.

What are other formalities to be done after I print ITR-V?

I have not received a copy of ITR-V in my mail id or the ITR-V received in my mail id is not opening, since it is a corrupt file. What should I do?

Answer: The assessee is adviced to login to the website using his userid and password and then go to My Account – My Return to get a copy of the ITR-V for the relevant assessment year.(check complete process here)

Can more than one ITR-V be sent in one envelope

Answer: Yes, any number of ITR-Vs can be sent in one enveloped. Caution has to be maintained that the bar code printed in the ITR-V does not get folded.

What is the password to open ITR-V

Answer: The password is a combination of PAN (in lower case) and DOB in ddmmyyyy format for e.g. for PAN : bcmps1106b and dob : 02/10/1980, the password should be entered as bcmps1106b02101980

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  2. hi
    my salary is lessthan one lakh is it necessary to pay ITR, now i want to apply for tourist visa, is this ITR is necessary or not?

    1. As per income tax act , return is not required if income is less than 5 lakh

  3. I have paid the income tax through online, to get the refund amount paid whether I have to file the IT return ???(Income <5 lakhs only)

    1. No need to file online return ,Means it is not mandatory .But pls note that if you file online then refund will be processed faster