All You Need To Know About The New Format Of ITR-V

This year, the Income Tax Return (ITR) Verification Form (ITR-V) layout has been altered. The latest ITR-V now only requires a taxpayer’s basic details, respectively. Name, PAN, ITR Form Number, the section for which the ITR is filed and the Acknowledgement Number for e-filing. Nevertheless, the ITR-V has omitted information such as your earnings, deductions, taxes paid, tax payable, tax return, etc. Whether confirmed or unconfirmed, ITR-V was the only document released at the time of the return of income e-filing and used as ITR confirmation. Well after the beginning of the declaration of the Income Tax Return Acknowledgement on the authentication of ITR-V, both documents were used as ITR proof, as the formats of the two documents differed little to nothing. 

The following was specified in the document last year in order to disqualify the unverified ITR-V as a legitimate ITR proof: 

The Income Tax Department has also maintained the tradition of releasing both documents this year but has further modified the format of the ITR-V by eliminating the income and income tax details paid. 

Pros

Unverified tax returns can no longer be considered as legitimate proof of filed ITR. If the ITR-V goes lost in the transfer to CPC Bangalore, owing to a lack of income and tax specifics, it can not be abused. The department’s decision must be respected because it not only avoids infringement but also decreases the exploitation of ITR-V. Previously, scammers used trustworthy taxpayers to procure illicit access to ITR-V when the records were in motion (by post) and used the income and income tax information paid for acting out scams. Spammers are still unable to use ITR-V to carry out abuse, even though they are granted unauthorised access to it. This is a strong system for not revealing the numbers, I suppose. The ITR-V is manually certified by several individuals and sent to CPC Bangalore. It may get in the wrong hands mostly during transfer, who may abuse the details. This is an aspect of the confidentiality of records. 

Cons

There is a possibility that taxpayers are unable to view the income and income tax details uploaded on the income tax website while undertaking the same validation. Therefore, any omission would go unchecked and could start chaos for the taxpayer. In my view, the submitted income tax return file is accessible on the PDF portal under the name ITR / Form and can be circulated by the taxpayer while checking the return in case of a dispute. If he wishes to confirm the figures, an individual can review the comprehensive ITR form.     

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