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What happens if ITR V is not submitted within 120 days?
What is ITR-V?
ITR-V stands for ‘Income Tax Return – Verification’ form. This form is sent to you when you file your return without using a digital signature certificate. Income Tax Department needs to verify the authenticity of income tax return, when it is filed online without using a digital signature certificate. On receipt of ITR-V you have to take a printout of the same and sign the copy. After this you will have to send ITR-V to CPC Bangalore via speed post, in order to complete the ITR filing process.
Can I send ITR-V to some other place in India?
No, a taxpayer is supposed to send ITR-V to Centralised Processing Center or CPC Bangalore via Speed Post. When you send ITR-V to CPC Bangalore, you must make sure that you send it in an A4 Size envelope and via speed post. Any fold on crease on the document will make the document invalid.
Is there any time limit for ITR Verification?
Yes, a taxpayer is supposed to verify the Income Tax Return within 120 days of filing it. The verification can done either physically or electronically.
What happens if I do not complete the verification of ITR within 120 days of filing it?
If you fail to submit your ITR-V within 120 days of filing your Income Tax Return, then your Income Tax Return will be considered as null and void or invalid. It means, the Income Tax Department will consider, that you have not yet filed your IT return. In such a case, you will have to file revised return and get a new ITR-V, which you will have to submit within 120 days of revising your return.
Many of us do think that, our work is done when we e-file ITR, but we must remember that, filing Income Tax Return is just one step of this process. Income Tax Return e-filing process is considered complete and valid when the ITR is verified.
