The Central Board of Direct Taxes (CBDT) has notified certain changes in the ITR-V form. ITR-V form stands for ‘Income Tax Return-Verification’ Form.
The ITR-V form is a single-page document sent to taxpayers via email after they e-file their tax return without using a digital signature.
The CBDT notification has clarified that income tax returns (ITRs) need to be e-verified within 30 days of uploading, otherwise they will be considered invalid.
The tax department clarified that if the return of income is uploaded and e-verification/lTR-V is submitted within 30 days of uploading, the date of uploading the return of income will be considered as the date of furnishing the return of income.
It also mentioned that if the return of income is uploaded but e-verification or ITR-V is submitted after 30 days of uploading, the date of e-verification/ITR-V submission will be treated as the date of furnishing the return of income. “All consequences of late filing of return under the Act shall follow, as applicable,” the I-T department’s notification said.
Taxpayers are required to send the duly verified ITR-V in the prescribed manner either through ordinary or speed post or in any other mode to Centralised Processing Centre, Income Tax Department, Bengaluru – 560500, Karnataka.
The notification further said that the date on which the duly verified ITR-V is received at the Centralised Processing Centre shall be considered for the purpose of determination of the 30 days period from the date of uploading of
return of income.
It is further clarified that where the return of income is not verified after uploading within the specified time limit, such return will be treated as invalid.
It is reiterated for the sake of assessee convenience that e-verification, immediately upon filing of the return is the most desirable action, the CBDT said.
From August 2022, the time limit for verifying ITR was lowered from 120 days from date of filing ITR to 30 days.
Meanwhile, the Income-Tax Department has enabled ITR forms 1, 2 and 4 on e-filing portal for the financial year 2023-24 (AY 2024-25). Taxpayers can access these forms, with pre-filled data, for online filing of their income tax returns.
Earlier, the CBDT released offline JSON utilities of ITR-1, ITR-2, ITR-4 and ITR 6 for return filing for the assessment year (AY) 2024-25. Besides, offline Excel utilities of ITR-1, ITR-2 and ITR-4 were also made available.
Taxpayers are normally allowed to file return online, offline and partially online or offline till July 31 every year without any late fee. To file the return, taxpayers need to log in with their user credentials. Before they start filing tax return, they are advised to keep certain documents and information available with them for e-filing. Among these documents are PAN, Aadhaar, bank statements, Form 16, Demat account statements, etc.