Income tax return verification or ITR-V is an acknowledgment issued by the IT department upon filing the Income Tax return. The ITR-V form needs to be downloaded, printed off and signed duly by the taxpayer before sending it to the CPC (Central Processing Centre) office in Bangalore. The income tax return process completes only after CPC receives ITR-V. The status of ITR-V receipt can be tracked online through official website of IT department, by entering PAN number, acknowledgment number and assessment year. Tracking can be done to check if CPC has received the acknowledgment or if a refund is processed and status of the processed refund. The tracking facility helps you to monitor if your refund has been processed or not and also keep you informed about the next necessary step you must take to ensure correct refund processing.
Verification is the important thing need to be done right after E-filing either using a digital signature or by sending the ITR-V to CPC Bangalore. Income tax return can be verified by two methods, electronic and mon-electronic method.
Verification process through the electronic method
Verification process by generating EVC
Verification process through the non-electronic method:
Fail to verify Income Tax Return will not process your filed income tax return and it will be considered as non-filing of ITR.
CPC or Central Processing Unit is situated in Bangalore and process the acknowledgment form for refund issue. Once the ITR-V generates after completing the E-filing income tax process. The ITR-V form requires a password to open it which is a combination of PAN number and DOB of the taxpayer.
The form needs to be downloaded, printed off and signed duly by the taxpayer before sending it to the CPC, Bangalore.
CPC provides tracking facility for the taxpayers and there are multiple ways to do that. Tracking is important as a taxpayer need to be informed about the unfortunate postal loss of the ITR receipt form.
To keep a track on the ITR-V status, you can do any of the following:
If IT department has calculated tax more than you have paid then you can claim a refund on that. The refund will be issued either through bank cheque or will be transferred to your primary bank account. In such case, you can check the refund status by logging into your account by accessing the official website of the IT department. You can also check refund status on TIN website once the return gets processed by the IT department.
One must need to retain IT records carefully as IT Department can initiate any legal proceeding within 6 years.
The documents you must retain are:
To get expert tax refund advice, browse www.allindiaitr.com and avail expert assistance.
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The Economic Times Wealth: Vikas Dahiya, founder and chief of tax compliance platform, All India ITR announced a free of cost tax returns solution for members of the Indian Armed Forces. Due to their disciplined schedules, annual tax returns become a hectic chore for servicemen. They need to repaid for their services to millions of citizens and this initiative will go a long way to alleviate the stresses in their service conditions.
18th July 2017
THE ECONOMIC TIMES