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E-filing of IT returns is a process of submitting tax returns online. It can be done using the tax preparation software approved by the Income Tax Department of India. It is increasing daily as more and more taxpayers are increasingly opting for it across the country. The due date for filing tax returns is 31st July. Refer to this guide to know more about the way and structure in which ITR-V should be sent. On receiving the ITR-V acknowledgement, you have to forward it to CPC- Bangalore within 30 days from the e-filing of your Income Tax Return.
ITR-V is a one-page document that a taxpayer must sign, preferably in blue ink, and send via ordinary post or speed post. For the returns filed post 31st July 2022, ITR-V should be sent via speed post within 30 days from the return filing. You can only speed post an ITR-V and not courier. No supporting documents are required to be submitted along with the ITR-V. Only the one-pager signed ITR-V.
The Centralized Processing Centre (CPC), the Income Tax Department 1 located in Bengaluru, has been allotted a unique Pincode 560500 by the Department of Post. Taxpayers can hereinafter write their emails to “Centralized Processing Center, Income Tax Department, Bengaluru 560500” to submit ITR-V forms and other documents requiring a physical transmission mode.
Centralised Processing Unit,
Income Tax Department,
Bengaluru, Karnataka, 560500.
Filing a return after the end of the assessment year can result in a penalty of INR 5000 by the income tax department under section 271F. As per section 139(1) of the Income Tax Act, if the returns are not filed before the due date, the loss incurred during the year under the bracket ‘profits and gains of business and professions’ and ‘capital gains’ cannot be taken forward by the taxpayer to the next year.
Taxpayers file returns through the IT Department’s official website.
Speed: Acknowledgement of ITR forms to refunds; the process is faster compared to paper filing.
Accuracy: E-filing software helps reduce errors due to inbuilt mechanisms.
Flexibility: Taxpayers can file their returns anytime and from any location at their convenience.
Security: E-filing is safer than paper-based filing, which is easy to tamper with.
Accessibility: E-filing software applications, by and large, allow easier access to information.
Environment friendly: E-filing needs almost no paperwork as opposed to paper-based filing. The table below clearly shows the country’s significant growth in e-filing income tax returns.
E-filing of return is mandatory for the following:-
In summation, it can be said that a taxpayer who e-files income tax returns without his digital signature has to file ITR-V to the income tax department’s Central Processing Center in Bangalore. If a taxpayer fails to do so, his or her returns will be considered invalid.
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