New Procedure of Submission of ITR V and Issues related

When Return is electronically furnished under a digital signature

• The tax-payer is not required to furnish the Form ITR-V with the Income-tax Department.

• Any return which is digitally signed by the assessee and filed with an E-Return Intermediary (ERI), who, in turn, submits the return to the Income Tax Department under his digital signature, will also be deemed to have been filed under a digital signature of the assessee and no Form ITR-V is required to be submitted.

• In such cases, the date of electronic transmission of the data in the return shall be the date of furnishing the return.

When Return is electronically furnished without a digital signature

• The assessee shall furnish the Form ITR-V to the Income-tax Department by mailing it to “Income Tax Department – CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka”.

• In such a case, the date of transmitting the data electronically will be the date of furnishing the return if the Form ITR-V is furnished within thirty days after the date of transmitting the data electronically. otherwise it shall be re-transmit the data and follow it up by submitting the new form ITR-V within thirty days.

• The Circular also states that since the Form ITR-V is bar-coded, assessee is advised not to fold the same and post it in A4 size envelope.

• Upon receipt of the Form ITR-V, the CPC shall send an e-mail acknowledging the receipt of Form ITR-V. The e-mail shall be sent in due course to the e-mail address furnished by the tax-payers in his return. No Form ITR-V shall be received in any other office of the

• Income-tax Department or in any other manner.

Changes in the Procedure of ITR-V and issue related thereto

• Earlier, Form ITR-V was required to be filed by an assessee with the office of his Assessing Officer, which was duly acknowledged by affixing the Department’s stamp and seal on the same. Under the proposed new guidelines, since ITR-V is to be sent by mail to Bangalore Electronic City Post Office, the concerned assessee would not receive any official acknowledgment for the acceptance of the same, except the e-mail communication as indicated to be sent in due course. It, therefore, needs to be provided that the ITR-V accompanied by the E-mail acceptance shall be treated as an authentic acknowledgement of the I.T. Return by all concerned agencies.

• If someone is fail to submit return with-in 30days, when the date is ofefiling return is 31st july then it has to be resubmit the return which result in grave adverse consequences such as levy of penal interest under Sections 234A and 234B, deprivation of the claim for carry forward of losses and deductions under Chapter VIA, etc