Complete Process of Filing Form ITR-V With Penalty
Let us check out the detailed form ITR - V filing procedure along with the verification of assessment and required ways to verify here at our blog post
All the individuals and the Kartas of HUFs, who are not required to get their accounts audited under Section 44AB of the Income Tax Act 1961, are required to follow further compliance apart from filing their income tax returns (ITR).
Firstly, the assessee has to file his ITR in form ITR 1, ITR 2, ITR 3, or ITR 4 (as applicable) on https://www.incometaxindiaefiling.gov.in Then the assessee is required to verify the ITR, electronically or physically, within 120 days of filing. After the successful completion of the above steps, the Income Tax Department will process your ITR. Due to non-verification and non-filing of form ITR-V, the ITR is rendered invalid by the I-T department.
If you are paying a self-assessment tax, then it is suggested that you pay higher than what you assessed. The assessee will get the refund of the excess tax paid and intimidated in section 143(1). All the new changes made while filing the ITR online will be provided by the department under section 143 (1). The assessee may also receive a notice under section 142(1), 143(2), 148, 156, 139(9), or 245, in case of any non-compliance. The Central Board of Direct Taxes (CBDT) has announced a one time opportunity for the assessees to verify their returns (if not did so) during the past five to receive the claimed refunds.
All such assessees can now verify their ITR for the past five years by 30th September 2020 to claim the refunds. So you can file online income tax return quickly and accurately via Gen income tax return filing software. The assessee can verify the ITR through any one of the following ways:
- AADHAR OTP
- e-Filing Account and Net Banking
- EVC (Electronic Verification Code) through Bank Account Number
- EVC through Demat Account Number
- EVC through Bank ATM
- Sending a signed copy of ITR-V to I-T Department’s Centralised Processing Centre, Bengaluru
The opportunity is not provided to all those assessees against whom the department has already taken some compliance or other legal steps. Intimation for such ITR-V under section 143 (1) can now be sent to the department by 31st December 2020 and the intimation for the same will be sent to the assessee.
The scheme will have the following benefits:
- Processing of refund, if any
- The penalty of non-filing ITR, i.e, Rs. 10,000 u/s 234F is waived
- Loss declared in ITRs could be carried forward
- Obtaining loans wherein filing of ITR is a mandatory requirement
- The benefit under section 194N
- Establishing income proof in insurance compensation cases
- Easy visa applications
- Becoming a law-abiding citizen
The department is said to take some serious action against all the assessees who fail to verify the ITR-V form till 30th September 2020.