Friday, November 12, 2010

You have more time to submit your ITR-V

Dear Comrades,

For those filing their income-tax returns online, giving your income and other details electronically is not the end of the e-filing process. You also need to physically send in the ITR-V form to the Bangalore office via the Indian postal service.

And if you haven’t done it yet, you are in luck. The Central Board of Direct Taxes (CBDT) has extended the time limit and the last day of submission of ITR-V related to assessment year 2009-10 to December 31, 2010, or 120 days from the date of filing, whichever is later.

Only tax payers filing their returns online need to fill and submit an ITR-V. The process goes like this: After you have filed your returns online, you will get an e-mail from acknowledging your returns. You will also be sent an ITR-V form, which comes password protected for security. The password is usually a combination of your permanent account number (PAN) and date of birth.

The submission of this form to the Centralised Processing Centre (CPC) office will help you get an acknowledgement slip, which counts as proof that you have filed your returns. Tax payers have to fill this form physically and send it to No 1, Electronic City Post Office, Bengaluru - 560100, Karnataka.

If you have filed your ITR-V with the local income-tax office, you need to mail your form to the CPC office. If you have already mailed your ITR-V but have not received any acknowledgement in e-mail from the CPC, your need to re-send your form to the CPC.

Without the acknowledgement of the ITR-V from the CPC, it will be impossible for the income-tax department to process your tax returns or issue any refund, as your case will be treated as not having filed your returns.

DNA India
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