ITR Filing For AY 2020-21 Definitely Needs Taxpayers Attention

This Change In ITR Filing For AY 2020-21 Definitely Needs Taxpayers Attention

For the assessment year 2020-21, there have been significant changes in ITR filing. Some important fields in ITR-V or ITR verification are being removed. Earlier, this ITR-V used to carry the taxpayer’s details like income, deductions, tax paid, tax payable, etc.

How this change might affect the taxpayer?

Earlier if the taxpayer used to produce ITR-V it was deemed that the person has filed ITR. But it’s not the case, since the process of e-filing is completed as and when the verification stage is completed. This verification can be done both online and offline mode. In online mode, you can verify via aadhar otp, net banking, or evc. For offline, ITR-V needs to be sent over to the IT dept’s CPC Office in Bengaluru.

Earlier unverified ITR used to be taken as a valid proof of filing of return of income. So, the taxpayers to fulfill some purposes used to file ITR to get ITR-V and it was accepted as a proof of filing of return of income, but then the problem was later addressed by introducing ITR Acknowledgement.

Now, ITR-V and Acknowledgment together were taken to be valid. Last year the ITR-V form, to avoid its use as proof of filing of return of income carried a statement “This is not a proof for having filed the Return”, with the format remaining intact.

ITR V for Assessment year 2020-21

Now ITR-V form has been disqualified as a valid proof of return filing all of the integral details have been omitted from it including the income, tax payable, tax refund, deductions, exempt income, etc. Now this ITR-V starting AY 2020-21 will bear all such information:

1. Name of the taxpayer
2. PAN
3. Form Number i.e. ITR-1, ITR-2, ITR-3 etc.
4. Section under which return filed: There is a drop-down box using which taxpayer can select the relevant section say under 139(1)-On or before the due date
5. e-filing Acknowledgement Number And this ITR-V has to be verified like the previous Verification forms either via the online or offline channels.

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