Important Keyword: Acknowledgment Form, E-Verify, ITR Form, ITR-V.
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What is ITR V Acknowledgement Form?
The ITR V Acknowledgement Form, also known as the Income Tax Return Verification Form, is an essential document in the process of filing income tax returns. Once a taxpayer submits their income tax return (ITR), they receive the ITR V on their registered email ID from the Income Tax Department (ITD). Alternatively, taxpayers can download the ITR V Acknowledgement Form from the Income Tax e-Filing website.
It’s important to note that the process of filing the ITR is not considered complete until the taxpayer verifies it. This verification can be done either by e-Verifying the Income Tax return electronically or by physically sending the signed ITR V to the Centralized Processing Center (CPC) in Bangalore. This step ensures compliance with tax regulations and finalizes the filing process.
A taxpayer can access details of all his ITR filings by logging into Income Tax e-Filing Portal. Income Tax e-Filing Portal has all the details of a particular PAN holder.
Sample ITR V Form
Steps to Download ITR V (Acknowledgement)
Go to Income Tax e-Filing platform Log in using valid credentials on the e-Filing portal.
View Filed Returns Click on e-File > Income Tax Returns > View Filed Returns
Download Receipt Click on the option to download receipt which is the acknowledgement form.
Steps to send ITR V to Income Tax Department, CPC Bangalore
Instructions for Printing and Sending ITR-V
Print the ITR-V Document:
Use an InkJet or Laser Printer to print the ITR-V.
Print only in black ink to ensure readability.
Avoid using a dot matrix printer.
Do not include any watermarks on the printed ITR-V.
Sign the Document:
Sign the ITR-V using a blue ink pen.
Ensure the signature is original and not a photocopy.
Do not place the signature on the Barcode; ensure it is clearly visible.
Take Precautions:
Do not write anything on the back of the paper.
Use A4 size paper.
For both Original and Revised Returns ITR-V, avoid printing them back to back.
Do not staple the forms.
Delivery of the Document:
Enclose the signed ITR-V in a white A4 size envelope.
Send the envelope via speed post or ordinary post.
Do not send it via registered post.
No supporting documents or annexures are required to be submitted along with the ITR-V.
Delivery Address:
Send the envelope containing the ITR-V to the following address within 120 days from the date of filing the ITR: Centralized Processing Centre, Income Tax Department, Bengaluru 560100
Once the ITR-V reaches the CPC Bangalore, you will receive an email confirmation. Your ITR will be processed by the Income Tax Department once the verification is complete.
Delay in Verification of ITR
Taxpayers encountering genuine hardship that prevents them from e-verifying their return can seek relief through a condonation delay request on the Income Tax e-Filing portal. However, such relief is granted based on specific criteria:
Genuine Hardship on Merits:
The taxpayer must demonstrate a legitimate and compelling reason for their inability to e-verify the return. This could include situations such as illness, natural calamities, or other extenuating circumstances beyond their control.
Genuine and Correct Claim:
The claim made by the taxpayer for condonation of delay must be authentic and accurate. Any false or misleading claims may result in rejection of the request.
Assessability of Income:
The income for the particular ITR filed should not be assessable in the hands of any other person. This ensures that the taxpayer seeking relief is the rightful owner of the income being reported.
Important Keyword: E-Verify, Income Tax Compliance, Income Tax Filing, Income Tax Returns.
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Responding to Filing of Income Tax Returns
The Income Tax Department (ITD) employs a notice system via the compliance portal to address non-filing of Income Tax Returns (ITRs) by identified individuals. Through an e-verification facility, the department identifies individuals who are obligated to file their ITR but have yet to do so. This proactive approach by the Compliance Portal assists both taxpayers and the department in identifying instances of non-filing of returns.
Taxpayers are required to respond on the compliance portal regarding the status of their Income Tax Returns filing. They must indicate whether the return has been filed or if it is currently in the process of being filed. This interaction between taxpayers and the Compliance Portal is crucial for ensuring compliance with tax regulations and facilitating the efficient functioning of the tax system.
By promptly responding to notices and providing accurate information on the compliance portal, taxpayers contribute to a transparent and effective tax administration process. This collaborative effort between taxpayers and tax authorities promotes accountability and strengthens the integrity of the tax system.
Steps of submitting the Income Tax Return non-filing response on compliance portal
To access the compliance portal, use your valid login credentials. Once logged in, navigate to the e-Verification tab.
In the e-Verification section, you’ll find a list of identified cases. Choose the relevant case and click on “View” to proceed.
Under the Response section, you’ll need to select one of the options from the drop-down menu.
If you choose “ITR has been filed,” provide the following details:
Mode of Filing (paper or e-Filed).
Ward and City (if filed by paper).
Date of Filing.
Acknowledgment number. Feel free to enter any remarks if necessary, then click on Submit.
Alternatively, if you select “ITR has not been filed,” you’ll need to provide a reason under the Reason section. Choose either of the following responses:
Return under preparation.
Not liable to file the return of Income. Once you’ve provided the appropriate response, click on Submit to complete the process.
Important Keyword: E-Verify, Income Tax Refund & Notices.
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Response on Additional Query Request
When the Income Tax Department (ITD) raises an additional query request on the compliance portal, taxpayers are required to respond promptly. These queries are typically based on previous responses submitted and verified by the department. Therefore, taxpayers must address any additional queries raised to ensure compliance.
The e-verification process of Income Tax Returns (ITRs) aims to determine whether individuals who have not yet filed their returns are liable to do so. The Compliance Portal serves as a vital tool for both taxpayers and the department in identifying cases of non-filing of returns. Consequently, taxpayers must submit responses to queries raised through this platform.
Steps to Submit a Response to Additional Query:
1. Log in to the compliance portal with valid credentials. Click on the e-Verification tab.
2. Click on “Click here for details”.
As seen below:
3. Click on any Identifier you wish to see the details for.
Therefore, you can choose as per the description.
4. Click on Submit/Re- Submit.
Therefore, you need to submit the response, from the detailed page that opens up.
5. Write your response in the response section.
Finally, upload all the necessary documents and click on Submit.
6. Your response to the additional query raised is now submitted.
The process is now complete.
By actively engaging with the Compliance Portal and promptly responding to queries, taxpayers can ensure adherence to tax regulations and contribute to a transparent and efficient tax system. This collaborative effort fosters mutual understanding between taxpayers and tax authorities, facilitating smoother compliance processes.
Important Keyword: Compliance Portal, e-verification.
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View Response History
Taxpayers now have the convenience of accessing their response history through the portal. This feature allows them to track and review all responses related to specific e-Verification issues under the Related Information section.
It serves as a comprehensive platform for managing e-verification issues and capturing responses. Employing a campaign management approach, it engages taxpayers through various channels such as emails, SMS, phone calls, notices, and letters. Taxpayers are prompted to visit the portal to submit responses against identified issues.
By leveraging the portal, taxpayers can efficiently address verification concerns and ensure compliance with tax regulations. This streamlined process enhances transparency and facilitates smoother communication between taxpayers and tax authorities.
Steps to view Response History on the Compliance Portal
1. Log in to the compliance portal with valid credentials
Click on the e-Verification tab
2. Go to the Verification Issue Details section:
Go to the specific information in the Relation Information section.
3. Click the View to view the response history
As seen below:
4. You will now be able to see a list of the history of responses submitted by the taxpayer.
Click on Download PDF to download the pdf of the submitted response(s).
Important Keyword: Salary Income, Income Tax Department, E-Verify, Income Tax Compliance, Section 5(1).
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Tax Liability for Salary Income
Salary income under section 5(1) of the Income Tax Act encompasses various components received by an individual from their employer, including wages, annuities, pensions, gratuities, fees, commissions, perquisites, profits in lieu of salary, advance of salary, and leave encashment, among others.
However, taxpayers may encounter verification issues from the Income Tax Department (ITD) through SMS, calls, or emails for several reasons:
Non-filing of Income Tax Returns (ITRs) for the given assessment year, leading to potential tax liabilities.
Mismatch between the details provided by taxpayers and the information received by the Income Tax Department (ITD) for that assessment year.
Reporting of significant transactions during a financial year that deviate from the taxpayer’s profile.
Responding to Verification Issues: Taxpayers facing verification issues must respond promptly. The response should be submitted online through the compliance portal provided by the Income Tax Department (ITD).
Ensuring compliance with tax regulations and addressing verification issues in a timely manner is crucial for taxpayers to avoid potential penalties or discrepancies in their income tax filings. By understanding these processes, taxpayers can navigate the taxation system more effectively and contribute to a transparent and efficient tax environment.
Verification issue in the computation of tax liability from Salary Income
Code
Description
Response
A1
Total receipts as per taxpayer pertaining to the above information
Amount
A2
Less: Amount relating to another year/PAN
PAN year-wise list
A3
Less: Amount covered in other information
Amount
A4
Less: Exemption/Deduction/Expenditure/ Set off of Loss
Exemption/Deduction wise list
A5
Income/Gains/Loss (A1-A2-A3-A4)
Computed
Understanding salary components and their taxation is crucial for taxpayers.
Here’s a simplified guide to help individuals comprehend these processes:
A1-Total Receipts: This refers to the total gross salary received from the employer, including all salary components, to be mentioned as a final amount.
A2- Amount Relating to Other Year or PAN: If any part of the salary pertains to another person’s PAN or another assessment year, details should be provided in the PAN table.
A3- Amount Repeatedly Covered: Any mistakenly covered amounts should be mentioned under the Remarks section to nullify repetition.
A4- Exemption/Deduction/Expenditure/Set off of Loss: This section includes gross salary and various allowances exempted from taxation. Taxpayers need to select the correct category from the drop-down list, including exemptions related to house rent, leave travel, gratuity, perquisites, and others.
A5- Income/Gain/Loss: This section involves self-computation of taxable salary income using the formula A5=(A1-(A2+A3+A4)). If the computed income exceeds the minimum threshold of Rs. 2.5 lakh, taxpayers should file their Income Tax Returns (ITRs).
It’s essential for taxpayers to accurately declare their salary income and claim any applicable exemptions or deductions to ensure compliance with tax regulations. By understanding these concepts, individuals can navigate the taxation system more effectively and fulfill their tax obligations efficiently.
