Feb 01, 2013, 03.53 PM | Source: Moneycontrol.com
One of the new provisions in recent years that the investor did not encounter earlier is that related to the submission of the ITR-V forms.
Arnav Pandya (more)
Financial Advisor & Writer, | Capital Expertise: Mutual Funds ,Fixed Income ,Tax
One of the new provisions in recent years that the investor did not encounter earlier is that related to the submission of the ITR-V forms. This situation of submitting of the forms arises only in case of some specific situations and the individual has to be alert about knowing about the exact details on this front so that they are able to fulfill the details for their income tax return filing. This will help them to complete their tax filing requirement properly. Here is a look at the entire issue and when the individual will remain within the time limit.
There is the facility of online filing of tax returns that is now possible for individuals. There are two ways in which the online returns can be filed. The first one is where the returns are filed using a digital signature and the second one where the returns are filed without the use of the digital signature. In the case of the usage of the digital signature there is no further action that needs to be taken once the online process is complete because the digital signature is equivalent to the actual signature and this will complete the entire process.
When the income tax return is filed without the digital signature then there is an additional step that needs to be taken and this will result in some more work to be undertaken. The additional step is with respect to the signing of an additional form called the ITR V and then sending it to a postal address in Bangalore. Once this is received then this will serve as the acknowledgement for the tax return filed and the entire return filing process is completed.
There is usually a time period within which the ITR V has to be sent to the tax department and this is given in the form of two dates which consist of a specific date ( For a particular assessment year) or 120 days from the date of the filing of the return whichever is later. This gives the required time for the individual to ensure that they have signed in the form and sent it by post to the required address. What is important is that the individual will get all the details in the ITR V form printed as per the return that they have filed as this is automatically generated and all that they actually need to do is to sign in the required space and send it across through normal or speed post only.
A lot of cases have been observed by the tax department wherein the ITR V for the previous assessment years mainly 2010-11 and 2011-12 have not actually been received by the department. Till the time that the form is actually received the tax department will not consider the return to be filed and the entire assessment process cannot be completed.
The tax department has now ensured that the last date for receiving the ITR V forms for these returns already filed have been extended. This will ensure that all those who find that they are still in the category of those whose form has not been received they can still complete the entire process quickly. It is now upto the individual to ensure that they look at their own position over the past two years and see whether they need to take some action on this front. If it is necessary then they should get the printout of the form and send it to the tax department in the manner mentioned so that their assessments can be completed.
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