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Filed income tax online? You are NOT DONE yet
Now that you know what you must do BEFORE and WHILE filing income tax returns online, here's what you must do AFTER you have filed returns online.
Every person whose total income in the previous year exceeds basic exemption limits are obligated to file income tax return. Other than companies and tax audit individuals, any assessee can file a return of income electronically without the use of a digital signature.
In this write up we are providing all details about ITR V, which is generated once a return of income is filed electronically on successful feeding of the data in the Income Tax (IT) department web site.
Also Read: DON'T file your TAX return online before reading this
Filed income tax online? You are NOT DONE yet
ITR V
ITR V stands for 'Income Tax Return -- Verification' form. It is an acknowledgment for E-filing which is generated after uploading the ITR in .xml format.
Now, till the return filed is not duly signed by you, your filing remains incomplete. So, after getting the ITR V simply follow the steps in teh NEXT slide to complete your filing.
Also Read: Budget 2012: 8 ways it impacts the SALARIED
Filed income tax online? You are NOT DONE yet
What you MUST do...
Print two copies of form ITR V
One copy of such ITR V, duly signed has to be sent in A-4 size envelope by ordinary post to CPC Bangalore (Income Tax Department CPC, Post Bag No 1, Electronic City Office, Bengaluru – 560100, Karnataka)
Retain the other copy for your own record
The ITR V should be mailed within 120 days of e-filing
Filed income tax online? You are NOT DONE yet
What you MUST do...
Upon the receipt of ITR V, the Income Tax department will send an e-mail acknowledging the receipt of signed copy of ITR V. This is for your acknowledgement
Your filing is now complete
Duly signed copy of ITR V has to be submitted to the IT department so as to complete the filing process as the department needs to verify the authenticity of income tax return when filed online without using a digital signature.
Filed income tax online? You are NOT DONE yet
Relevant points
If you submit ITR V after the specified time of 120 days, then your filing will be regarded as null and void and it will be considered that you have not filed any return. In such a case, if you have filed a revised return you will get a new ITR V and the same have to be submitted within 120 days.
You cannot submit ITR V at local Income Tax office nor anywhere else in India except at the above mentioned registered address in Bangalore.
You need not have to attach or mail any other documents except the signed ITR V form
Filed income tax online? You are NOT DONE yet
Some dos & dont's for printing & submitting ITR V...
- Ink jet / Laser printer should be used to print the ITR V Form
- The form should be printed in BLACK INK only
- The print out should be clear and easily readable
- The document should be signed in BLUE INK only. No photocopy of signatures will be accepted
Filed income tax online? You are NOT DONE yet
Some dos & dont's for printing & submitting ITR V...
- Bar code & numbers below bar code should be easily visible. It should not be scribbled nor anything should be written on the bar code
- Only A4 size paper should be used
- Back-to-back printing, use of stapler should be avoided
- More than one ITR V can be sent in the same envelope
- ITR Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed