Submission of ITR-V within 120 days of Return Filing

A lot of taxpayers, especially those who have started e-filing in recent years, are not familiar with the complete e-filing process including ITR-V submission and e-verification.

An income tax return (ITR) is not considered valid till a signed copy of ITR-V acknowledgement form has been submitted to Central Processing Center (CPC) – Bengaluru within 120 days of e-filing the return. You can e-verify your return within 120 days of successful e-filing.

You can send your ITR-V to CPC or e-Verify your income tax return within 120 days, if you had missed to do so, thus completing your return filing process. Provided that the return:

  • was e-filed
  • pertained to assessment years 2016-17 and 2017-18
  • was filed within time allowed u/s 139, i.e., return could be original, revised or belated
  • was incomplete only due to non-submission of ITR-V form

What happens when you submit your ITR-V before the expiry of 120 days of e-filing

  • You would be able to get your refund kept on hold for non-receipt of ITR-V in time
  • You would also get the interest on the refund due
  • You can avoid the penalties for non-filing of return

What happens if you still don’t submit your ITR-V before the expiry of 120 days of e-filing?

  • Your return would become invalid, i.e., it would be deemed not filed
  • Refund due, if any, would not be processed
  • In case you have carried forwarded the losses, it would not be allowed
  • If there is tax due, interest on delayed filing would also be imposed
  • There can also be a penalty of Rs. 5,000 for non-filing of return

Next Steps:

  • Click here to ascertain whether your ITR-V has been received by CPC
  • Read the instructions to send ITR-V to CPC here
  • Click here for the E-Verification process as an alternative to posting ITR-V to CPC
  • If you need any assistance regarding this, click here to avail our IT-Department Followup service

Don’t wait anymore, start return filing for this year now!