Filing online income tax return has placed the assessee in a very comfortable zone where he can take care of his legal obligations through electronic form. However, there are certain additional credentials that should be fulfilled physically along with electronic filing.
Updates: Central Board of Direct Taxes (CBDT) has reduced the time limit for confirming income tax returns (ITRs) from 120 days to 30 days after electronically transmitting the data. Here is the notification w.e.f. 1st August 2022 – Visit Here
What is ITR V?
When a person submits his income tax return from the online mode, the Income Tax Department in return provides the assessee with an acknowledgement of such receipt through an e-mail. The receipt is known by the name of ITR-V where the initials ‘ITR’ stands for Income Tax Return and ‘V’ stands for verification. This acknowledgement form is received when a person files his return without affixing a digital signature to it. Therefore, to satisfy the signature purview from the department’s side, the form has to be personally signed by the assessee and then be again transmitted to the headquarters of the Income Tax Department in physical form.
Check Also: How to Download ITR-V Step by Step?
How to send ITR V?
ITR-V form should first be transmitted in a hard copy by way of a printout and then by signed by the assessee himself. After the form has been completed, the form then needs to be transferred to the Income Tax Department Headquarters through either ordinary post or speed post. It shall be kept in mind that only two mediums are allowed for making a valid transmission.
There are certain guidelines that are required to be followed with precision; else the same shall be treated as invalid by the department.
- Use your original signature and sign the ITR-V carefully.
- Do not fold the ITR-V form while dispatching it, rather use an A4 size envelope to cover the form and then send it to the IT Department.
- Try and keep the form as neat and clean as possible.
Are you Required to Send ITR V
The rules and regulations state that an assessee should necessarily submit the ITR-V to the IT Department in physical form within
120 days 30 days from the day of generation of the receipt.
Updates: Central Board of Direct Taxes (CBDT) has reduced the time limit for confirming income tax returns (ITRs) from 120 days to 30 days after electronically transmitting the data. Here is the notification – Visit Here
If you have e-verified your income tax return then you don’t need to send ITR-V.
However, one can also submit the same at a later date, but the same shall attract penalties and fines. For the aforesaid purpose, assessee should use the mailing address as:
Income Tax Department CPC
Post Box no. 1,
Electronic City Post Office,
Bangalore 560100, Karnataka.
What will be the password to open ITR-V?
When you receive your ITR-V through an email, you will notice that the file comes in a zip form and after extracting the same, the whole form should open in Adobe Acrobat Reader with a password lock. In this scenario, your password would be your 10-digit PAN card number (all in lowercase) followed by your date of birth (in DD/MM/YY format). Make sure that there are no spaces in between the two and the password shall have 18 characters.
Date of Birth: 09 Oct 1984
Why do I need to send ITR V?
Since Digital Signature is not affixed at the time of online income tax return filing, the Department has to carry on an obligation to ensure that it has the assessee’s signature with the returned filed and hence, physical submission of signature is required to be carried out.
Now you have the option to e-verify income tax returns if you don’t want to send ITR-V to CVC.