Consequences of Not Sending the ITR V Form After E-Verification: A Comprehensive Guide

When it comes to filing income tax returns (ITRs) in India, e-verification through the OTP method has revolutionized the process, making it more convenient for taxpayers. However, many individuals often overlook the final step in the process: submitting the ITR V form after successful e-verification. This article aims to explore the potential consequences of not sending the ITR V form after e-verification and provide a comprehensive guide to ensure compliance.

Understanding the ITR V Form and E-Verification Process

ITR V Form: The ITR V form, also known as 'Form-V of ITR,' is a statutory form that taxpayers must submit after successfully e-verified their income tax returns. This form acts as a declaration of the correctness of the e-verified ITR and serves as a proof of submission.

E-Verification Process: The e-verification process involves generating and receiving an OTP via SMS or email upon successful e-filing of the ITR. Once the OTP is entered, the ITR is automatically verified and deemed to be true and correct. However, this process alone is not complete without the submission of the ITR V form.

Consequences of Not Sending the ITR V Form After E-Verification

1. Tan Shortfall: TAN, or Tax Deductor’s Account Number, plays a crucial role in the tax filing process. If the ITR V form is not submitted, the TAN holder may face a Tan Shortfall. This means that the TAN will not be linked to the e-verified ITR, resulting in a discrepancy that could lead to penalties and interest charges.

2. Deletion of E-Verification: According to the guidelines provided by the Income Tax Department, the e-verification of an ITR will be automatically deleted or canceled if the ITR V form is not submitted within 24 hours. This removal of e-verification can cause delays in accessing the filed returns and may require additional effort to resubmit the ITR.

3. No Legal Proof: The ITR V form is the sole proof of submitting the e-verified ITR. Without this form, taxpayers may not have a valid record of their tax return submission, which can lead to administrative issues, such as disputes with tax authorities or mismatches in financial records.

Steps to Take After E-Verification

1. Check the Status of E-Verification: After receiving the OTP during e-verification, double-check the status of the ITR through the Income Tax Department’s official portal or authorized e-filing services. Ensure that the e-verification is successful.

2. Click on ‘Print and Save’ in the ITR-Preparation Page: Upon successful e-verification, navigate to the 'Print and Save' section where the ITR V form will be available. This form can be printed and saved in a digital format for future reference.

3. Submit the ITR V Form: To submit the ITR V form, you have two options. You can either submit it online through the Income Tax Department’s portal or submit the physical form if you prefer. Ensure that you follow the appropriate steps based on your requirement.

Additional Tips for Ensuring Compliance

Keep a Record of the ITR V Form: Save both digital and physical copies of the ITR V form for future reference. This record will be useful for audits or any other administrative purposes.

Stay Updated: Keep yourself updated with the latest Income Tax Department guidelines and changes. Regularly visiting the official website or consulting with a tax advisor can help ensure that you are compliant with all tax regulations.

Conclusion

The importance of submitting the ITR V form after e-verification cannot be overstated. Failing to do so can lead to various penalties, administrative issues, and discrepancies. Therefore, it is crucial to follow the guidelines and ensure timely submission of the ITR V form. By doing so, taxpayers can maintain a record of their tax returns and avoid any potential complications.

FAQs

Q1: Can I e-verify my ITR without sending the ITR V Form?

A: No, e-verification alone is not sufficient. The ITR V form must be submitted to finalize the process and avoid any discrepancies.

Q2: What happens if I e-verify my ITR and don't submit the ITR V Form?

A: The e-verification will be canceled, and you may face Tan Shortfall, administrative issues, and other penalties.

Q3: Can I submit the ITR V Form online?

A: Yes, you can submit the ITR V Form online through the Income Tax Department’s official portal.