Income Tax Returns in India

Posted on by Dezan Shira & Associates

The full form of ITR-V is “Income Tax Return – Verification form.” This form is expected when you E-file without using a digital signature. India’s Income Tax Department needs to validate the authenticity of income tax returns when filed online without using a digital signature. Upon receipt of ITR-V, an individual has to sign the copy and submit to the Income Tax Department to complete the filing process.

Process for E-filing without using a Digital Signature
When an individual E-files without using a Digital Signature, he/she obtains ITR-V as an attachment in the E-mail sent by the Income Tax Department. Since the return you filed was not signed, your filing is still incomplete. To complete the return filing process, one has to go through the following steps:

  1. Print and sign ITR-V
  2. Do not fold this signed ITR-V. Enclose the same in an A-4 sized envelope
  3. Mail the envelope within 120 days of E-filing to: Income Tax Department CPC, Post Box No.1, Electronic City Post Office, Bangalore 560100, Karnataka
  4. Upon receipt of ITR-V, the Income Tax Department will send an E-mail acknowledging the receipt of the signed copy of ITR-V. This is your acknowledgement.
  5. Your filing is now complete

An individual cannot submit ITR-V anywhere except the address given above in a sealed A-4 envelope. Also, an individual needs to mail ITR-V within 120 days of e-filing your return. If an individual fails to submit an ITR-V within 120 days, your E-filing will be considered as null and void. It means that it will be considered that you have not yet filed your return. In such a case, you will have to file a revised return, get a new ITR-V, and submit the same within 120 days.

The due date for submission of ITR-V for A.Y. 2011-12 has been extended up to March 31, 2012 or 120 days from the date of upload, whichever is later.

If an individual fails to file returns after the last date mentioned above, then he/she can do so after the last date with a penalty at the rate of 1 percent per month for late filing. In the case of an individual not filing their Income Tax Returns for the financial year ending on March 31, 2012 till July 31, 2012, you can still file the same till March 31, 2013. You may be required to pay interest.

Additionally, in case you have still missed to file your Income Tax Return by March 31, 2013, you can still file the same till March 31, 2014, beyond which the return will become time barred and you will not be able to file the same. In such cases, the assessing officer may require you to pay a penalty of up to Rs.10,000 for late filing of your Income Tax Return.

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