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: ITR Form, ITR Form Particulars.
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Income Tax e-Filing Portal : Change ITR Form Details
Typically, it takes about a month for the Income Tax Department (ITD) to process tax returns. For taxpayers who have filed their Income Tax Return (ITR) for the Financial Year 2018-2019 onwards, certain details in their ITR form can be updated or changed before the processing of the return. These updates include:
Bank Account Details: Taxpayers can update their bank account details if there have been any changes since filing the return.
Address Details: Any changes in residential or mailing address can be updated in the ITR form.
E-Mail ID/Mobile Number Details: Taxpayers can also update their email ID or mobile number if there have been any changes.
Steps To Change ITR Form Details
Go to Income Tax e-Filing Portal Log in using valid credentials.
Click on My Account Go to Service Request
Select “New Request” from the drop-down list. Select “Change ITR Form Particulars” from the drop-down list.
Click on submit Enter the acknowledgment number
Enter the correct details in the respective field Bank Account Details, Address Details or E-Mail ID/Mobile Number and click on submit.
A success message will be displayed on the screen. The process is finished.
What are Income Tax Form that a Registered User can View?
The facility to access filed forms is provided to all registered users of the e-Filing portal upon logging in. This feature enables users to review previously submitted income tax forms. Moreover, it offers the following functionalities:
Viewing Income Tax Forms in PDF format.
Accessing Acknowledgements (receipts) associated with the filed forms.
Tracking the status of the form submission.
Reviewing any additional attachments submitted along with the forms.
Viewing uploaded JSON files for reference.
This service ensures users have convenient access to their historical tax filing information, facilitating easy reference and monitoring of their tax-related activities.
What are the Income Tax Forms that a User can Upload?
Additionally, taxpayers have the option to upload income tax forms on the e-filing portal. Once logged in, users can:
File all Income Tax Statutory Forms online or offline, with online submission being the preferred mode.
Verify the accuracy and completeness of the Income Tax Statutory Forms before submission.
Steps to View Filed Forms
Login to the account The user must login to their account using their user ID and password.
View Filed Forms Click on e-file > Income Tax Forms > View Filed Forms from the dashboard.
Search for the appropriate form In case you have several forms, on the View Filed Forms page, enter form name or form number and the search bar. You will be able to view all the forms filed by you or by the CA with the form status as accepted or rejected or verified by the CA.
Download Filed Form For the selected form, the Assessment Year in which the form was filed is displayed with a download option. Click Download to begin downloading the form / receipt / attachments submitted along with form.
The taxpayers can download filed ITR Forms for the following reasons:
For obtaining a loan from banks
For Trading in the derivatives segment of the capital markets, brokers would require the previous ITR forms
While Making an application for Visa
What are the Steps to Upload Income Tax Forms
Login to the e-Filing portal and click on e-File > Income Tax Forms > File Income Tax Forms
Select the required form to upload from the relevant categories presented on the File Income Tax Forms page
The form will be displayed after clicking on the relevant tile. Fill in the relevant details and click on continue
Fill in all the relevant details and double-check the data entered by previewing it. Next, click on “Proceed to e-Verify“
You will receive a success message on your screen after the completion of the e-verification process. You will also receive a Transaction ID and Acknowledgement Receipt Number.
Important Keyword: Aadhaar, Business and Profession Income, Capital Gains, Income from House Property, Income Source, ITR Documents, ITR Form, Salary Income, Tax Saving Investments.
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Documents required for Income Tax Return filing in India
Income Tax Return (ITR) forms vary depending on the taxpayer’s sources of income. Specific documents are necessary for filing the ITR.
Additional documents required may vary depending on the taxpayer’s income situation. These documents do not need to be submitted to the Income Tax Department during the filing of the Income Tax Return since ITR forms are annexure-less. However, if a taxpayer receives a notice from the Income Tax Department, such documents may be required to be submitted.
List of Basic Documents required for filing the Income Tax Return – ITR
Here’s a breakdown of the essential documents required for filing an Income Tax Return (ITR) in India, based on different income heads:
Salary Income/ Pension Income:
Form 16
Salary Slips (if Form 16 is unavailable)
Pension Statement/ Passbook
House Property Income:
Property Address
Rent Agreement
Co-ownership details for co-owned property
Municipal Tax Receipts
Form 16A (if TDS is deducted on rental income)
Home loan repayment certificate/ Interest Certificate from the bank
Pre-Construction Interest Details
Capital Gains Income:
Sales and Purchase deed, stamp duty valuation (for sale of land/ building)
Details of Improvement cost
Details of expenses related to the transfer of capital assets
Proof of cost of the asset, cost of improvement, and sales receipts (for movable assets)
Details of investments made to claim exemptions
Capital Gains Deposit Account details (if applicable)
For shares & securities: Trading statement/ Stock Ledger/ Contract Notes
Business and Professional Income:
Balance Sheet and Profit & Loss Statement
Bank Account Statement/ Passbook
Supporting documents for expenses incurred
Cash Register
Any other documents required to maintain business & profession books of accounts
Audit Report (if profit from business is less than 8% of Total Turnover)
Income from Other Sources:
Total interest income earned from savings/ current account
Interest certificate from deposits/ Bonds/ NSC
PPF Account Statement/ Passbook
Dividend Warrants/ counterfoils
Proof of details of receipt of any other incomes
Rent Agreement (in case of let out machinery)
These documents provide comprehensive support for accurate tax filing across various income categories.
Documents Required for Tax Saving Investments (Section 80)
For individuals seeking tax-saving investment opportunities, certain documents play a crucial role in claiming deductions. Here’s a list of documents essential for tax-saving investments:
ELSS/ ULIP/ NSC Investment Details:
Documents confirming investment in Equity Linked Savings Schemes (ELSS), Unit Linked Insurance Plans (ULIP), or National Savings Certificate (NSC).
PPF Account Passbook/ Statement:
Passbook or statement reflecting transactions and balances in the Public Provident Fund (PPF) account.
Life/Medical Insurance Receipts:
Receipts or premium payment details for life insurance policies or medical insurance plans.
Details of Tax-Saving FD:
Information related to investments in Tax-Saving Fixed Deposits, including deposit receipts and interest certificates.
National Pension Scheme Investment Details:
Documentation supporting contributions made to the National Pension Scheme (NPS).
Senior Citizen Saving Scheme Investment Details:
Documentation pertaining to investments in the Senior Citizen Saving Scheme (SCSS).
Donation Receipts:
Receipts or certificates acknowledging donations made to eligible charitable organizations.
Children Tuition Fees Paid Receipts:
Receipts confirming payment of tuition fees for children’s education.
Repayment Certificate for Home Loan/ Education Loan:
Certificate or statement from the lending institution confirming repayment of home loan or education loan, eligible for tax deduction.
Certificate from Specified Medical Authorities in Case of Disability:
Certification from designated medical authorities validating disability for claiming tax benefits.
Receipts/Proof of Any Other Tax-Saving Investments/Contributions:
Supporting documents for other tax-saving investments or contributions made during the financial year.
Documents Required for Foreign Income and Foreign Investments:
Details of foreign income earned and taxes deducted, if applicable.
Information regarding assets held outside India, including foreign bank accounts.
These documents serve as evidence of tax-saving investments and contributions, facilitating the process of claiming deductions while filing income tax returns.
Important Keyword: Due date, e-Verify ITR, File ITR, Income Tax Rates, ITR Documents, ITR Form, ITR Utility, Resident Status, Slab Rates.
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Income Tax: Rates, Due Date and Return Filing in India
Income tax is indeed a direct tax levied by the government on the income earned by individuals, businesses, and other entities during a financial year. In India, the Income Tax Act, 1961, along with the Income Tax Rules, 1962, governs the administration, assessment, and collection of income tax. The tax is imposed on various types of income, including salaries, business profits, capital gains, rental income, and other sources, depending on the nature of the taxpayer’s income and their tax status.
Who should file Income Tax Return (ITR)?
Filing an income tax return (ITR) is mandatory for taxpayers whose income exceeds the basic exemption limit specified by the Income Tax Act. For individuals and Hindu Undivided Families (HUFs) below the age of 60 years, the basic exemption limit for the assessment year 2019-20 was INR 2.5 lakh.
However, even if a taxpayer’s income is below the basic exemption limit, they can choose to file a NIL return. This means they are voluntarily filing a return to declare that their income is below the taxable threshold. It can be beneficial for various purposes, such as establishing a financial record, applying for loans or visas, claiming tax refunds, or fulfilling statutory requirements.
What are the Due Dates to file Income Tax Return (ITR)?
Category
Due Date
Individuals to whom audit is not applicable
31st July of the Assessment Year
Companies
30th September of the Assessment Year
Individuals to whom audit is applicable
30th September of the Assessment Year
Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit
30th September of the Assessment Year
Due Date for Filing ITR for AY 2021-22
What are the Documents required to file ITR?
The documents you listed are indeed essential for filing an income tax return. Let’s break it down:
PAN (Permanent Account Number): This is a unique identification number assigned to taxpayers in India. It’s essential for various financial transactions, including filing taxes.
Aadhar Number: Aadhar serves as a proof of identity and address and has been linked with PAN for income tax purposes.
Form 26AS: Form 26AS is a consolidated tax statement that contains details of tax deducted on behalf of the taxpayer and tax collected during the financial year.
Bank Account Details: This includes details of the bank accounts in which the taxpayer wants to receive any refunds.
Challan of Advance Tax or Self-assessment Tax: If the taxpayer has paid any advance tax or self-assessment tax during the year, they need to provide details of the challan.
Details of the Original Return (if filing a revised return): If the taxpayer is filing a revised return, they need details of the original return filed earlier.
Indeed, the specific documents required may vary based on individual circumstances and the type of income tax return form being filed. For instance, additional documents like salary slips, rent receipts, investment proofs, etc., might be required depending on the sources of income and deductions claimed.
Which ITR Form to File?
choosing the correct ITR form is crucial for accurate and efficient tax filing. Let’s briefly go over the common ITR forms for individual taxpayers:
ITR 1 (Sahaj): This form is for resident individuals having income from salaries, one house property, other sources (excluding winnings from lottery and income from race horses), and whose total income does not exceed INR 50 lakh.
ITR 4 (Sugam): This form is for individuals, HUFs, and firms (other than LLP) having presumptive income from business and profession. It’s also applicable for individuals who have opted for the presumptive taxation scheme under sections 44AD, 44ADA, and 44AE.
It’s important to note that other ITR forms cater to specific types of income and taxpayers:
ITR 2: For individuals and HUFs not having income from profits and gains of business or profession.
ITR 3: For individuals and HUFs having income from profits and gains of business or profession.
ITR 5: For persons other than individual, HUF, company, and person filing Form ITR-7.
ITR 6: For companies other than companies claiming exemption under section 11.
ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
ITR-1 (SAHAJ)
The most basic ITR form for individuals having income up to Rs. 50,00,000 from salary/pension, one house property, and interest.
ITR-2
For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and partner’s income from the partnership firm.
ITR-3
For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and income from proprietary business or profession.
ITR-4
For individuals/HUF/Partnership firms having income from presumptive business or profession.
What are the Income Tax Rates for AY 2019-20?
When it comes to paying taxes on our income, understanding the applicable rates is essential. Each year, during the Union Budget presentation by the Finance Minister, the Income Tax Slab Rates are announced for various categories of taxpayers. For individuals and Hindu Undivided Families (HUFs) below the age of 60 years, these rates determine how much tax they need to pay based on their income levels.
Taxable Income
Tax Rate
Up to INR 2,50,000
Nil
INR 2,50,000 to INR 5,00,000
5%
INR 5,00,000 to INR 10,00,000
20%
Above INR 10,00,000
30%
Let’s delve into the current Income Tax Slab Rates for this particular category of taxpayers:
Income up to INR 2.5 lakh: No tax (Basic Exemption Limit)
Income from INR 2,50,001 to INR 5,00,000: 5% tax
Income from INR 5,00,001 to INR 10,00,000: 20% tax
Income above INR 10,00,000: 30% tax
Additionally, a cess of 4% is levied on the total tax payable by all taxpayers to support government initiatives.
How to file ITR?
To file your Income Tax Return (ITR), you have several convenient options at your disposal:
Income Tax e-filing Website: You can directly access the Income Tax e-filing website, where you’ll find user-friendly tools to file your return electronically. Simply follow the step-by-step instructions provided on the website.
Income Tax Account: If you have an income tax account, you can log in and file your return seamlessly. Ensure you have all the necessary documents and details ready before initiating the process.
IT Utilities: The Income Tax Department provides various utilities to assist taxpayers in filing their returns accurately. These utilities are designed to simplify the process and help you complete your return efficiently.
ERI (e-Return Intermediary): Government-approved intermediaries like Finodha.in offer services to facilitate e-filing of tax returns. These platforms provide additional support and guidance throughout the filing process, ensuring compliance with tax regulations.
Choose the method that best suits your preferences and requirements, ensuring timely and accurate filing of your Income Tax Return.
e-File ITR using Income Tax e-Filing Website
To file your Income Tax Return (ITR) through the income tax e-filing website, you’ll need to access your e-Filing account. Here’s a step-by-step guide to help you through the process:
Login: Visit the e-Filing portal and enter your user ID (PAN), password, and captcha code. Then, click on ‘Login’ to access your account.
Navigate to e-File: Once logged in, go to the ‘e-File’ section and select ‘Income Tax Return’.
Select ITR Form and Assessment Year: Choose the appropriate ITR Form and Assessment Year based on your income sources and the relevant financial year.
Prepare Your ITR: Fill in all the required details in the selected ITR Form. Provide accurate information to ensure the correctness of your return.
Pay Self-Assessment Tax or Claim Refund: If you have any outstanding tax dues, pay them as self-assessment tax. Alternatively, if you’ve paid excess tax during the financial year, claim a tax refund.
Submit Your ITR: After filling in all the details and verifying the information, click on ‘Submit’ to file your ITR electronically.
If you prefer to prepare your ITR offline, you can use Income Tax Utilities provided by the department. Here’s how to do it:
Download Utilities: Visit incometaxindiaefiling.gov.in and click on ‘Offline Utilities’ under the Download section. Then, navigate to ‘Income Tax Return Preparation Utilities’ and select the assessment year.
Download ITR Utility: Choose the required ITR Form and download the corresponding utility for that form.
Extract and Prepare ITR: Extract the files from the downloaded zip folder and use the utility to prepare your ITR offline.
Upload Utility: Once your ITR is ready offline, upload the utility to your Income Tax e-filing account for submission.
By following these steps, you can either e-file your ITR directly through the income tax e-filing website or prepare it offline using Income Tax Utilities and then upload it to your e-filing account.
What is ITR e-Verification?
Completing the ITR filing process involves e-verifying your return. Once you file your ITR, you’ll receive an ITR-V, also known as the Income Tax Return Verification Form, on your registered email ID from the income tax department.
Here are the methods you can use to e-verify your ITR:
Aadhaar OTP: Use the Aadhaar OTP option for verification. You’ll receive a One-Time Password (OTP) on your registered mobile number linked with Aadhaar. Enter this OTP to verify your return.
Bank ATM: Visit an ATM of your bank and select the option for e-verification of income tax return. Follow the instructions on the screen to complete the process.
Net Banking Option: Log in to your bank’s net banking portal and look for the option to e-verify your income tax return. Follow the steps provided to complete the verification.
Bank Account Option: You can e-verify your return using your bank account details. The income tax department verifies your return electronically based on the information provided.
Demat Account Option: If you have a Demat account, you can use it to e-verify your ITR. Follow the instructions provided by the income tax department for e-verification using a Demat account.
Physically sending ITR-V: If you prefer the traditional method, you can download the ITR-V from your income tax account and send it physically to the income tax department’s CPC office within the specified time frame. Ensure that you send it via ordinary post or speed post only.
