What is income tax returns verification? Do I need to send my returns to Bangalore even if I file them online?
All income tax payers need to send their income tax returns verification also known as ITR-V which is an official acknowledgement that the return has been filed. 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. 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. Not filling ITR-V forms or acknowledgement can lead to a cancellation of your income tax returns.
Income Tax Return Verification (ITR-V) is a form that is used to acknowledge the fact that you have successfully submitted your Income Tax return. Earlier, you had to print the form, sign it and send it to the Central Processing Centre of the Income Tax department in Bengaluru. Now, you can verify your return online using your bank account using the Electronic Verification Code (EVC). You can also verify your return using the nearest ATM. Please read this blog post for more information - https://blog.bankbazaar.com/how-to-file-itr-online-through-your-bank-account/.