The Income Tax Act of 1961 and the Income Tax Rules of 1962 require every taxable individual to file their returns with the Income Tax Department at the end of each fiscal year. Income tax is a tax levied by governments on the earnings of businesses and individuals under their jurisdiction. Income tax returns (ITRs) must be verified after they have been duly filed. If you fail to verify your income tax return within 120 days of uploading it, it will be invalid under income tax legislation.
Every year, the Income Tax Department provides ITR V or Income Tax Return Verification for the taxpayers to verify the authenticity of their electronic filing. In this article, we will go over everything you need to know about the ITR V Income Tax Return Verification and how to download your income tax ITR V form from the Department's website.
What is ITR V in Income Tax?
The form V income tax acknowledges that the appropriate department has received your income tax return. You don't need to file ITR-V if you've already filed an ITR with a digital signature; it's only applicable for those who haven't. Individuals, bodies of individuals (BOIs), companies, local authorities, firms, limited liability partnerships (LLPs), associations of persons (AOPs), juridical people are all subject to income tax in India, which the government imposes on taxable income.
The amount of tax levied on a person is determined by his or her residency status under these regulations. Every person who qualifies as an Indian resident is expected to pay tax on their earnings. Although it is necessary to file an income tax return, it is not the final step in the process. It is also crucial to verify your ITR. Only after the ITR has been verified, the Income Tax Department (ITD) prepares your return. Only verified returns are entitled to refunds, and if you do not verify your return, it will be considered an invalid return.
What is the income tax ITR V form?
The income tax ITR V form is a legal document mailed to the taxpayer to verify the accuracy of their tax returns. The ITR-V form is only issued to people who file their ITRs online without using a digital signature.
How to download ITR V from Income Tax site?
Steps to download the income tax ITR V form from the Department website:
Step 1: Visit Income-tax India's official website https://www.incometax.gov.in/ and log in with your credentials.
Step 2: On the main page, look for the option ‘View Returns/Forms’ to view e-filed tax returns filed by you.
Step 3: There are two ways to download your ITR-V; either you can Click on the income tax return acknowledgement number or click the option ‘Click here to view your returns pending for e-verification’ displayed on the screen.
Step 4: To start the download process, select ‘ITR-V/Acknowledgement.'
Step 5: Once the download is completed, the system will prompt you to enter the password to view the income tax returns - verification ITR-V document. Your PAN number in lower case, together with your date of birth in the manner indicated below, will be your password. For example,
Date of birth: 12/10/1989
Step 6: Once you have access to the income tax ITR V form, thoroughly review it to ensure no inaccuracies. After signing the form, print it and return it to the Central Pay Commission (CPC) within 120 days of the date of e-filing. If the ITR V is received after 120 days, it will be declared invalid. As a result, it is advised not to wait until the last day and validate the ITR-V at the earliest.
What is the procedure to submit the income tax ITR V form in Bangalore?
Once the income tax returns have been successfully verified, you must print the ITR-V form, which will be emailed to you or obtained through the income tax portal by following the steps outlined above. The taxpayer must sign the printed Indian income tax return acknowledgement and place it in an A4 size envelope by itself because no other supporting legal documents are required. This envelope holding the ITR-V form will then be sent to the CPC in Bangalore through the post to the below address.
Address of CPC, Bangalore for Speed Post:
Centralised Processing Centre,
Income Tax Department,
Instructions provided by Income Tax Department for filing the Income-tax return verification form – (ITR-V)
- Individuals are advised to print the form V income tax using an Inkjet/Laser printer.
- It is advisable to avoid taking a print with a Dot Matrix printer.
- Different ITR forms are classed depending on an individual's standard of living, income amount, and tax type. Choose the one that fits your requirements.
- Only black ink should be used to print the ITR-V Form; no other colour ink should be used. Ensure that the printout is clear and not faded or light, as it may get rejected.
- Watermarks should not be printed on income tax ITR V form. The only watermark allowed is the “Income Tax Department” watermark, automatically placed on each ITR-V.
- The document must be signed in the original Blue ink and mailed to CPC. Signatures on photocopies will not be acceptable.
- Signatures and other handwritten content should not be on the bar code. The barcode, as well as the numbers underneath, should be visible.
- Individuals must take the print on just A4 size white paper; no other size paper will be accepted, and it is also recommended that nothing be written on the back of the paper.
- On the acknowledgement income tax ITR V form, avoid using a stapler.
- If you're submitting both original and updated returns, don't publish them on the same page. Please print ITR-Vs on two separate sheets of paper and do not send any annexures covering letters, pre-stamped envelopes, or other documents with the ITR-V.
- The income tax ITR V form must be delivered by regular mail or speed post to the Centralised Processing Centre, Income Tax Department, and not by courier.
- ITR-Vs that do not meet the requirements above may be denied, or acknowledgement receipt may be delayed.
- If the person makes any false statements about the income tax returns, they will be punished under the Income Tax Act,
- If you haven't yet gotten your acknowledgement, log in to your online account and download it from the income-tax web portal. The information will be available in the 'E-filing processing status' section of the 'My Account' tab.
- The e-fling website's 'ITR-V Receipt Status' tab under the 'Services' section can also be used to check the Income-tax returns verification receipt by entering the PAN and assessment year (AY).
Benefits of ITR verification
Here are some of the reasons why you should verify your ITR:
- Most banks require a three-year Income tax return when processing a loan for their customers, so verifying your ITR can help you get a loan approved swiftly. The ITR will be very useful in getting your loans accepted by the bank, such as a vehicle loan, a housing loan, or a personal loan.
- Income tax returns document can be used as proof of address.
- Most countries require Income tax returns, among other documents, when providing visas to individuals. It helps them determine if a person pays them on time. It also includes information about your existing financial situation and income levels to visa processing officials.
- If you fail to verify the ITR, you will not receive an income tax refund. As a result, delaying the verification process will cause the reimbursement process to be delayed.
- Though you file your tax returns on time, your ITR will not be accepted unless it has been verified, so it is critical to verify your ITR.
- If you don't verify your Income-tax return within 120 days after filing, you'll have to file a late income tax return, which will incur late-filing penalties.
- ITR acts as a proof of income, Form 16 is given to employees by their employers. It is a proof of income for an individual. For self-employed individuals, the ITR filing form acts as authentic income evidence. During the financial year, it contains a detailed breakdown of an individual's income and expenses.
What happens if the Income tax ITR V form or verification form gets rejected?
An income Tax Return Verification Form can be denied for a number of reasons, like filing a return for verification after 120 days or having the ITR V envelope folded or stapled. If your income tax return verification receipt status is ITR-V Rejected, click on the Acknowledgement Number to view the reason for ITR V rejection. Except in circumstances where the 120-day deadline has passed, all errors can be corrected; therefore, fix the issue and resend the ITR as soon as feasible to CPC Centralised Processing Centre, Income Tax Department.
How to get an income tax return copy online?
The steps to get an income tax return copy online is as follows
- Go to the official income tax e-filing system portal and log in with your credentials: https://eportal.incometax.gov.in/
- Once you have entered your user ID, password and security code on the home page, click on the View Returns/Forms option.
- You will be directed to the next page, where you must enter your PAN card details, and your date of birth is required.
- Select “Income Tax Returns” from the drop-down box and press the “Submit” button.
- The following page will provide all of the information about your e-filed returns,
- You can view the copy of the Income-tax return, and you can obtain the income tax return receipt.
The Income tax ITR V form provides a safeway to validate your tax returns. This is an essential process required to be completed by taxable people when they submit the income tax returns file without a digital signature. Through this form, essential verification can be done for the validation process to be completed. We hope that through this article, we have answered your questions regarding how to download income tax assessment order online and how to download ITR V from income tax site.