Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
This means that the physical copy of income tax returns filed online will no longer have to be sent for verification.
Those e-filing returns now will have to mention their Aadhaar card number in the ITR form. Once the card number is punched in, the tax-payer will get a one-time password, or OTP, number on his or her mobile phone for verification.
This verification number then has to be entered on the relevant ITR form to complete the process of e-filing.
The new process will do away with the need for sending physical copies for verification to CPC Bangalore. The copy of ITR-V had to be sent either by regular Indian Postal service/ordinary post or speed post. Copies sent through courier are not accepted.
“There is always a possibility of non-receipt of ITR-V at CPC or acknowledgement of receipt getting delayed, in which case the copy has to be sent again,” said Kuldip Kumar, partner and leader Personal Tax, PwC India.
The ITR-V should reach CPC within 120 days of filing of return. It generally takes about three weeks to get acknowledgement of ITR-V receipt from CPC from the date of posting. , for CPC to send of the same on your registered email id.
The new system will do away with the need to digitally sign the ITR-V form as well. Creating digital signatures can cost anywhere between Rs 400-600.
Tax-payers should remember that the new system is just an alternative to the existing system. Which means those e-filing returns can continue to send their ITR-V forms in physical form to the Bangalore centre or use digital signatures. Those who do not have Aadhaar card will also have to use the existing system.
Illustration: Dominic Xavier/Rediff.com
Now EPIC or Aadhaar enough to get PAN card
Budget: Super rich senior citizens to take biggest hit
Up next, PAN card to be issued in 48 hours flat!
Govt backtracks, to drop bank details and foreign trips from tax form
Budget: What it has for middle class tax payers