All income taxpayers need to send their Income Tax returns verification also known as ITR-V, which is an official acknowledgement that the return has been filed.
You have filed your Income Tax return for the assessment year 2013-14 online and it is time to keep all financial records safely in the house or office, but did you care to check for Income Tax verification?
If you don’t know what is Income Tax verification or have not bothered to send it after online submission of return, read on as your returns may not be acknowledged by the Income Tax department as filed.
Taxpayers need to send their Income Tax returns verification also known as ITR-V, which is an official acknowledgement that the return has been filed.
The deadline for sending Income Tax returns verification for assessment year 2013-14 is November 30 which is 120 days or four months from the last date of filling of tax returns which was July 31.
If you are one of those who are relying solely on your chartered account friend for all Income Tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
Ignorance is Bliss No More: According to financial experts, many people are not aware that they need to send an Income Tax returns verification or ITR-V to the tax department's Bengaluru office after filing returns online.
According to unofficial figures more than five per cent of tax assesses do not file their ITR-V forms or acknowledgement leading to cancellation of their Income Tax returns.
Failing to send your ITR-V on time may also attract a financial penalty to the tune of Rs 5,000 along with cancellation of any submitted Income Tax returns for the assessment year.
Earlier the Income Tax department had sometimes extended the deadline for submission of ITR-V but waiting for the last minute for such an important submission is not an ideal situation.
Missed Filing Your Tax Return: For every proactive individual who keeps his or her tax assessment ready and submits the same on time, there is always the lazy and forgetful individual.
If you have been lazy or have forgotten to file your Income Tax return for the year 2013-14, there is still hope.
While the last date for filling of tax returns for salaried individuals and companies is fixed at July 31, users who have missed the July 31 deadline can file their Income Tax returns by March 31, 2015 without attracting any additional fine or penalty.
One of the biggest drawback of filling late Income Tax returns is the fact that it can make you ineligible to avail any tax deductions and refunds.
Another big disadvantage of filling your Income Tax return after the due date is the fact that there is no scope for any alteration or correction.
As a general rule the income tax department offers a period of 2 years from the end of the financial year for which the return was to be initially filed for all delayed Income Tax returns.
The Income Tax department charges a fine of Rs 5,000 along with an interest of 1 per cent per month up to the date of filling of tax return.