No need to submit ITR-V after e-filing as Income Tax (IT) department set
to link Aadhar to ITR form.
In a major change, the new tax forms released on recently have exempted
taxpayers with Aadhar cards from submitting their ITR-V by post after filing
their returns online.
This will make the online filing process truly paperless even for those
who do not have digital signatures.
Till now, online filing was paperless only if you had a digital
signature. Taxpayers who did not had to post a physical copy of the ITR-V to
the Central Processing Centre in Bengaluru within 120 days of filing returns
online.
“A large number of e-filers skipped this very important process, assuming
the job was done once their return was e-filed. Whereas the IT Department does
not consider a return filed unless the ITR-V reaches them on time,“ says Archit
Gupta, CEO and Cofounder, ClearTax.in.
Moreover, ITR-V had to be signed and printed properly so that the bar
code was clearly visible. ITR-Vs that did not conform to these specifications
got rejected. There have been complaints of postal delays and loss as well.Now
the refund process is expected to get faster.
The new forms also seek more detailed declaration from the taxpayers.
ITR-1 now requires details of bank accounts held at any time during the year,
including accounts which have been closed. Taxpayers will also have to provide
all account numbers, name of the bank, IFSC code and name of any joint holder
along with closing balance as on 31 March.
ITR-2 seeks particulars of foreign bank accounts and assets, full details
of foreign travel undertaken and expenses thereon and details of utilisation of
amount deposited in capital gain account scheme for the year.
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