According to the government's announcement on 24th October 2020, the deadline for filing ITRs (Income Tax Returns) has been extended until 31st December. In the current fiscal year, this is the fourth time that a similar extension has been announced. It was announced in June that the deadline would be extended until the 30th of November. There will now be an additional two months for taxpayers to file their ITRs. This is in accordance with the relief measures proposed by the Government in light of the disruption caused by COVID-19.
The Income Tax Act of 1961 and the Income Tax Rules of 1962 ask every individual who earns some amount of money to file their returns with the Income Tax Department at the end of every financial year. This is done by submitting a form. This form is known as the Income Tax Return (ITR) form. One of its types is ITR-V. Download Your Itr V From The Income Tax Department Website
ITR Form
The Income Tax Return (more commonly known as ITR) form is a tax form that is filed by an assessee to register information about the income earned and the tax applicable to the person. ‘Assess’ is the name given to any individual, who is legally responsible for paying taxes to the government against any kind of income earned or any losses suffered by him. This form is submitted to the income tax department. The returns have to be filed before a specific due date.
Types of ITR Form
There exist various ITR forms that are classified based on an individual’s standard of income, amount of income, and the category under which the taxpayer falls. There are seven different types of ITR forms which are as follows:
According to the conditions specified in each form, the individual files how he is supposed to. If in case, an individual files the wrong type, then he needs to go through this process of filing an ITR again.
Benefits of Filing the ITR Form:
The following points state the benefits of filing the ITR form:
- It helps a person to get a loan from any bank quickly, let it be any kind of loan, e.g., a vehicle loan, house loan, etc. Significant banks mostly demand a copy of the tax return.
- In recent times many embassies and consulates also ask for copies of an individual’s income tax return. Hence, it helps in the more natural processing of visas.
- If a person has got a refund due to the Income-tax department, then he will have to file an ITR to claim his refund.
- Income tax Returns can also act as proof of your address as well as your income.
- If the filing of ITR is not done before the specified due date, then a penalty will be imposed in the name of that person. So, the ITR must be filed, and that too on time.
Apart from these benefits, being a citizen of this country, it is our responsibility to file the ITR.
What Is the ITR-V Form?
ITR-V stands for Income Tax Return Verification form. It is sent to the person when an ITR is filed online without the use of a digital signature. It is a one-page legal document that is sent to the taxpayer through the mail to check the authenticity of the income tax returns.
How to Download Your ITR-V from the Income Tax Department Website
To download ITR – V from the Income Tax website, visit the official website of the Income Tax Department.
- Open the official website of Income Tax India and log in.
- Once on the website, click on the “ITR” tab and select the relevant assessment year for which you want to download the ITR – V.
- Now click on the ‘View return/forms’ option present on the screen so that we can see the e-filed tax returns.
- To download the ITR-V form, click on the acknowledgment number.
- Now, to start the download, click on ‘ITR-V/Acknowledgement.’
- After downloading, a password will be asked to open the document. This password will be the PAN number of the person in lower letters along with their date of birth.
- After downloading the ITR form, fill it out completely and submit it online.
Submission of ITR-V to CPC in Bangalore:
If the person decides to verify the Income-tax filing, then he has to take out a print of the ITR-V form which is received through the mail or downloaded from the income tax portal. The taxpayer has to put up his signature on the printed acknowledgment and then place it in an A4-size envelope. This envelope must contain only the ITR-V form and nothing else. It means that no other legal document is required to be put along with the ITR-V form. This envelope will be further sent to the CPC Bangalore by the use of post only (not by the use of courier).
The moment we submit the ITR-V, the process of income tax filing is completed. But if in case a person fails to provide the ITR-V within 120 days of filing the income tax return, then the income tax filing process is considered to be invalid, and you may very soon receive a notice from the Income Tax Department of India.
Conclusion:
As such, the ITR-V form is a secure method to get the documents right at your doorstep. It gets the verification done easily and quickly. The individual must sign the document before sending it. In case any false statements are made by the person, they shall be liable to punishment along with a fine and imprisonment under the Income Tax Act.
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