![]() Taxpayers can also obtain a copy of ITR-V by visiting the income tax e-filing website. The income tax department provides ITR-V to taxpayers through email to verify the legitimacy of income tax returns. A single-page document is received when an ITR is filed online without a digital signature. The due date for filing ITR is July 31st, but it can be extended to September 30 in some cases.The abbreviation ITR-V stands for 'Income Tax Return-Verification' Form. Failure to do so may attract penalties or legal action.Īlso Read | Income Tax recap: These important changes come into effect from April 1 Not filing ITR on timeįiling the ITR on time is crucial to avoid penalties and interest. If you have any foreign assets, including bank accounts or properties, ensure that you declare them in your ITR. Any discrepancies should be rectified before filing the ITR. Not matching Form 16 with Form 26ASĬross-check the details provided in Form 16 (provided by the employer) with Form 26AS (a statement containing tax credits). Any errors may lead to delays or non-receipt of the refund. Incorrect bank account detailsĮnsure that you provide the correct bank account details for any tax refunds. You can do this electronically or by sending a signed copy of the ITR-V form to the Centralized Processing Centre (CPC) within 120 days of filing the ITR. ![]() Verifying your ITR is crucial for it to be considered as filed. However, this is applicable only if you are filing income tax under the old regime. Be sure to claim all eligible deductions to reduce your tax liability. Deductions such as medical insurance, education loan interest, and charitable donations can help lower your taxable income. ![]()
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