View quick summary Online filing of income tax returns (ITR) was introduced by the Government of India in 2007 as a step towards making the procedure easier for taxpayers. While the convenience of this solution has been embraced by people, it is important that assessees also ensure that they complete the process of eFiling their ITR. This completion is marked by the receipt of acknowledgement for your signed ITR-V from the CPC in your inbox.
ITR-V Submission: Essential to Complete ITR eFiling
ITR-V stands for Income Tax Return Verification form generated by the Income Tax Department on the receipt of your ITR filed online. You receive it on your registered email ID, provided by you in your ITR at the time of eFiling. The ITR-V is then to be printed, signed and deposited with the CPC. The Centralized Processing Centre of the Department of Income Tax (Govt of India) where all the ITR-Vs of eFiled ITRs are to be deposited.
However, there is a possibility that the ITR-V submitted by you is rejected. Hence, it is important to be very careful about the process and follow it as prescribed.
ITR-V Specifications: Do’s and Don’ts
ITR-Vs that do not conform to certain specifications may not be accepted or acknowledgement of their receipt may be delayed. Here are the dos and don’ts:
- Print the ITR-V on white paper of A4 size.
- Use “black ink” only for printing the ITR-V.
- Ensure that the ITR-V print-out is clearly legible. The bar code must be visible.
- In case you need to submit both original and revised returns, use two separate sheets of paper for printing the two ITR-Vs. These should not be printed back to back.
- The printed and signed ITR-V should be posted via ordinary post / speed post (courier is not accepted).
- Sign or write anything on the bar code.
- Staple the ITR-V.
- Attach any annexure like covering letter or pre-stamped envelope to the ITR-V.
- Send photocopy of signatures. The document to be mailed to the CPC has to be signed in original.
You can read the complete list of specifications for printing, signing and sending the ITR-V.
Here’s the process to check your ITR-V receipt status.
The printed and signed ITR-V must reach “Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100” within 120 days of uploading your return online. Failing to post the ITR-V within the designated time frame can invalidate the ITR filed by the taxpayer.
The last date for filing ITRs that belong to Financial Years 2009-10 and 2010-11 have been extended to March 31, 2012. Failing to file the returns before the due date can cost dearly in the form of intimations and penalties.
How TaxSpanner Can Help You
Anyone who files his or her tax return with TaxSpanner.com is entitled to the facility of deposition of their signed ITR-V to CPC. In case your employer has opted for the drop-box facility, your signed ITR-V will be deposited to CPC within 2 days of drop-box clearance.
Else, you can courier the signed ITR-V to TaxSpanner’s Bangalore office. When we receive your ITR-V, the TaxSpanner team verifies that the document is defect-free. Within three business days, the ITR-V is posted from TaxSpanner to the Income Tax department. The Department sends an acknowledgement slip to the taxpayer via e-mail that confirms receipt of the ITR-V.
To make things easier for you, TaxSpanner has come up with a full-year subscription – TaxOptimizer, which includes premium support to attend such complexities of compliance. The service not only provides premium ITR filing, but also offers tax optimization by a dedicated Chartered Accountant who answers your specific income tax queries. For details, write to [email protected]