The Central Board of Direct Taxes (CBDT) has announced a significant update regarding the verification process for electronically filed Income Tax Returns (ITRs). Effective from April 1, 2024, taxpayers submitting their returns via electronic means but failing to verify them electronically will now need to utilize the newly notified Form ITR-V.
Key Points
- Form ITR-V Notification: CBDT has officially notified Form ITR-V, which is mandatory for taxpayers who have electronically filed their Income Tax Returns but have not completed the verification process electronically.
- Applicable Assessment Year: The notification is applicable for the Assessment Year 2024-25, commencing from April 1, 2024. Taxpayers falling under various ITR categories, including ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4 (SUGAM), ITR-5, and ITR-7, are subject to this requirement.
- Purpose of Form ITR-V: Form ITR-V serves as an acknowledgment cum verification document for taxpayers. It is a crucial step in the filing process, ensuring compliance with tax regulations.
- Verification Procedure: Taxpayers are required to fill out the details in Form ITR-V manually, sign it, and send it to the Centralized Processing Centre (CPC) within the specified timeframe. Failure to do so may lead to the return being considered invalid, potentially resulting in penalties and further scrutiny by tax authorities.
- Timeline for Submission: Taxpayers must adhere to the timeline specified by CBDT for sending the duly filled and signed Form ITR-V to the CPC. Timely submission is essential to avoid any complications or penalties.
- Penalties for Non-Compliance: Taxpayers failing to submit Form ITR-V within the stipulated timeframe may face penalties or additional scrutiny from tax authorities. It is imperative for taxpayers to ensure timely compliance with all regulatory requirements to avoid any adverse consequences.
- CBDT's Efforts Towards Streamlining Tax Procedures: This notification by CBDT reflects its ongoing efforts to streamline tax procedures, enhance compliance, and ensure the integrity of the tax system. By introducing updated forms and processes, CBDT aims to make the tax filing experience more efficient and user-friendly for taxpayers.
Official copy of the notification has been enclosed below
CAclubindia
