CBDT has released the ITR forms, ITR V and acknowledgement and has made major changes. Here, I’m discussing ITR V and acknowledgement for A.Y. 2020-21.
So in earlier years, we have only ITR V i.e., acknowledgement generated after filing and verified ROI. Now in A.Y. 2020-21, after filing ROI, there will generate an ITR V ‘Indian Income Tax Return Verification Form’. [Where the data of the ROI in Form ITR-1 (SAHAJ), ITR-2, ITR3, ITR-4 (SUGAM), ITR-5, ITR-7 filed but NOT verified electronically]. Extract of ITR-V:
There are no Income, Deductions, tax in this ITR V, this is just a verification form. This verification form can either be verified electronically or by sending it to “Centralized Processing Centre, Income Tax Department, Bengaluru 560500”, by ORDINARY POST OR SPEED POST ONLY.
ITR V can be verified electronically through:
1. Aadhaar OTP
2. Login to e-filing account through Net-Banking login
3. EVC obtained generated using Pre-Validated Bank Account
4. EVC obtained generated using Pre-Validated Demat Account
5. EVC generated through Bank ATM.
On successful verification, the return filing acknowledgement “Indian Income Tax Return Acknowledgement” can be downloaded from e-Filing portal as a proof of completion of process of filing the ROI. Extract of acknowledgement: