What is ITR V Acknowledgement Form?
ITR V Acknowledgement Form means Income Tax Return Verification Form. It is also known as ITR V (Acknowledgement). When a taxpayer files the ITR (Income tax return), they receive ITR V on their registered e-Mail ID from the Income Tax Department (ITD). The taxpayers also have the option to download the ITR V Acknowledgement Form from the Income Tax e-Filing website. The process of ITR filing is not complete unless the ITR is verified by the taxpayer. You can either e-Verify Income Tax return or send ITR V to CPC Bangalore.
PAN: ABCPP1234A
DOB: 01/01/1990
Password: abcpp1234a01011990
PAN: ABCPP1234A
DOB: 01/01/1990
Password: abcpp1234a01011990
A taxpayer can access details of all his ITR filings by logging into Income Tax e-Filing Portal. Income Tax e-Filing Portal has all the details of a particular PAN holder.
Sample ITR V Form
Steps to Download ITR V (Acknowledgement)
- Go to Income Tax e-Filing platform
Log in using valid credentials on the e-Filing portal.
- View Filed Returns
Click on e-File > Income Tax Returns > View Filed Returns
- Download Receipt
Click on the option to download receipt which is the acknowledgement form.
Steps to send ITR V to Income Tax Department, CPC Bangalore
- Print the ITR-V document
- Take a print out of ITR-V. Print out should be only in black ink. Make sure that the printed copy is readable. Please use the InkJet/ Laser Printer to print the ITR-V. The use of a dot matrix printer should be avoided. Do not print any watermarks on printed ITR-V
- Sign the document
- Sign the ITR-V. Use blue ink pen for signature. Photocopy of the signature will not be accepted. Signature of a taxpayer should not be on Barcode. Barcode and numbers below barcode should be clearly visible in ITR-V
- Take precautions
- Do not write anything on the back of the paper. Additionally, use A4 size paper. For Original and Revised Returns ITR-V, do not print them back to back. Moreover, do not staple the forms
- Deliver the document
- Enclose your ITR-V in a white A4 size envelope and send the envelope either through speed post or ordinary post. Do not send it via registered post. No need to submit any supporting documents or annexures along with ITR-V
- Delivery address
- Send the envelope to the following address within 120 days from the date of filing of ITR: Centralized Processing Centre, Income Tax Department, Bengaluru 560100
Once ITR-V will reach the CPC Bangalore, you will receive an email confirmation of the same. Your ITR will be processed by the IT department once it is verified.
Delay in Verification of ITR
There are cases where there is genuine hardship a taxpayer faces due to which they could not e-verify the return. The taxpayer can file a condonation delay request on the Income Tax e-Filing portal. However, such relief is given to taxpayers based on certain criteria.
- There is a genuine hardship on merits
- The claim is genuine and correct
- Income for the particular ITR filed is not assessable in the hands of any other person
FAQs
ITR-V is a password-protected document. The password is your PAN in lower case followed by your Date of Birth in DD/MM/YYYY format.
Once ITR is filed by you, you need to verify ITR. You can verify your ITR online through e-verification or you can send it to the Income Tax Department.
You can verify your return in an offline manner. In that case, you have to send a signed copy of ITR-V to Centralized Processing Centre, Income Tax Department, Bengaluru – 560500. You can send ITR-V within 120 days from the date of filing return. You can send ITR-V by normal post or speed post (Not by courier or Registered post).
Yes, you can download ITR-V of all the previous years for which you have e-Filed your Income Tax Return (ITR). You can not download the acknowledgment of the year for which you have not e-Filed your ITR.
Anyone who is registered on the e-Filing portal can view the forms filed by them or on behalf of them by their authorized representative.
Hey @TeamQuicko
Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?
Thank you!
Hey @TanyaChopra
This quarterly breakdown of Dividend Income under IFOS will help to calculate and determine penalty u/s 234C for the delay in payment of Advance Tax.
Hope this helps!
I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?
Hey @HarshitShah
After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.
Hope this helps!
Hey @HarishMehta
Yes, dividend income is now taxable from FY 2021-22 onwards and it has to be reported under the head of IFOS.
You can read more about it here:
Hi @Maulik_Padh,
You need to pay Income tax on the net taxable income, i.e. after subtracting deductions, expenses, etc.
If the net taxable income is negative i.e. if there is loss, you can carry it forward when filing the ITR
Here are some of the articles which might help
Hi @ameyj
The amount of TDS deducted shall reflect in your Form 26AS only and it will also reflect the name of the deductor.
Using the name of the deductor you can find out on which share you have received the dividend and you can also cross-check the same in your bank statement.
Yes, you are right, TDS is to be deducted when the dividend paid exceeds 5000 INR in a financial year. However, the 5,000 INR limit pertains to all the dividends an individual gets in a year, or the total dividend per shareholder that a company pays out in a year, is left to interpretation, and hence registrars and share transfer agents (RTA) are not taking any chances and are deducting TDS even on small amounts.
Hope this helps
Hi @ameyj
You can submit a grievance on Income Tax Portal mentioning the issue and also attach the 26AS.
The other option is to leave it as it is and clarify it when the tax department sends the notice.
Hi @TeamQuicko
Consider that I have 10 shares each of 10 different Indian companies. Each of the 10 companies are declaring a dividend of INR 100 before the FY ends. Now I will be recieving 1000 as dividend from each company, thereby a total of 10,000.
The 5,000 dividend limit, is it applicable to each company / total dividend recieved by me in a year. If it is applicable to each company, then I would not attract TDS of 10% for dividend.
Also pl clarify, how would the company B know that I have got shares of Company A,C,D,E so on…
@Saad_C @Laxmi_Navlani @Divya_Singhvi @Kaushal_Soni @AkashJhaveri can you help with this?