PRECAUTIONS WHILE FILING ONLINE RETURN

Many taxpayers, opting to file their return online, are of the perception that having filed the return online without a digital signature, submission of Form ITR-V is a mere formality which can be completed anytime. This is a misconception. If the return is filed online and the taxpayer does not have a digital signature, he should take two printouts of Form ITR-V, verify them and submit to the tax authorities within 15 days of filing the return online. The taxpayer would be returned one copy of Form ITR-V by the receiving official after affixing the stamp and seal, which he should preserve carefully. If Form ITR-V is filed beyond 15 days, it would be deemed as if the return was not filed online in the first place and it might be too late by then.