The things You Need To Know About ITR-V And The Income Tax Department
ITR-V stands for ‘Income Tax Return – Verification’ and act as an acknowledgement copy. The Income Tax Department need to verify the authenticity of your tax return filed online. The person has to print out the ITR-V who doesn’t use the digital signature while e-filing. Then send it to CPC (Centralized Processing Centre) within the specified time. The time period will be within 120 days of uploading the return.
The ITR-V has send to income tax department CPC which in Bangalore and can send only by ordinary post or speed post not by courier or anything. Then they send a e-mail acknowledgement the receipt of ITR-V to the email id you entered in the return form.
Normally around 2 to 3 weeks from the day of posting to reach the post to CPC office and for sending acknowledgement from there also take the same, But if you don’t get any confirmation of ITR-V at CPC office after a couple of weeks then you have to post that copy again to the CPC office with immediate office. The chance for not reaching the ITR-V to CPC office mainly because of mode of sending. For taxpayers there is no way to check that it reached there or not except through online confirmation or email communication from the dept. itself.
Everybody know that the last date for file income tax return is July 31. But most people miss the deadline of July 31 to file. If you don’t file your returns before July31 then interest penalty will applicable, belated return can’t be revise, and it also not allow to carry forward your losses like long term or short term capital losses on shares. Under section 271F if someone do not file return within a period of one year from the end of relevant assessment year then the assessing officer may levy a discretionary penalty of Rs.5000.
But you can still file tax return after July31, Specially salaried persons. For them TDS amount on their salary income gets deducted in advance by their employer and paid to the Govt. at regular intervals. These people do not have any other income or their other income had already been factored in to their employer while deducting taxes so they can file their tax returns after July31.