Page Contents
Form ITR-V is the form issued by IT department, where the taxpayer furnishes the data in any of the Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5 and ITR-7, but the same has not been e-verified electronically by them.
However, Form ITR-Acknowledgement is issued, where the taxpayer files the information in any of the form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5 and ITR-7 and the same is duly verified electronically by them.
This form is applicable to individuals who are residents and have total income of up to Rs 50 lakh constituting of Income from Salary, one house property, income from other sources (including family pension and interest income), and income from agricultural activities maximum up to Rs 5000. This ITR form does not apply to a Director in a company or made investment in unlisted equity shares or even in cases where TDS got subtracted as per section 194N where the ESOP taxation aspect has been deferred under new relaxation.
Form ITR-2 can be opted for the taxpayer if the income is generated from more than one house property.
The following information is provided –
Self-assessment tax refers to the tax which an individual is required to pay before filing of their income tax return. It is calculated based on the amount of TDS and advance tax to be paid.
Where excess amount of tax has been paid, the same is refund and is credited to the registered bank account of the tax payer.
The IT department initiates the refund, once the ITR of the said person has been processed by the tax department, the said refund has been claimed by the department. Once the said refund is initiated, the same gets credited in 2-3 working days.
The income tax refund received is not charged to tax. However, in case any interest is received on such refund, the same shall be subject to tax, as per the income tax slab applicable.
A taxpayer receiving income from salary, is allowed a flat standard deduction of Rs 50,000/ the said deduction can be claimed on the income from salary or pension before arriving at the net income charged to tax.
Every taxpayer is required to validate and verify their ITR, within 120 days from the date of filing and the same can be done either electronically or though physical sending ITR-V to the income tax department.
e-verification of ITR can be done using different options available like – Aadhaar-based OTP, EVC via Net-banking, EVC via bank account, EVC via demat account and EVC via bank ATM.
In case, the NRI is not having TIN, being allotted from the jurisdiction of residence, they shall mention their passport number instead of TIN. And the name of the country in which the passport was issued, be mentioned in the column of “jurisdiction of residence”.
In this case the person should choose “foreign company” in the drop-down menu under the “type of company”. Under this option, the person will not be asked to provide their PAN. However, where PAN is allotted to such foreign company, the same be mentioned.
All about Financial Forensics & its Applications Financial Forensics and Forensic Audit Techniques Financial forensics and forensic audit techniques are… Read More
Code of Conduct in Forensic Audit: Introduction: A forensic audit is a specialized examination that investigates financial records to uncover… Read More
When is the cancellation revocation applicable? Procedure for Implement Revocation for GST cancellation This applies only if, on its own… Read More
Enhancement Made to the GST Portal - Significant Update Goods and Services Tax Network is pleased to inform that an… Read More
ITC Mismatch GSTR-2B vs GSTR-3B - DRC-01C Intimation under Rule 88D New mechanism to deal with Input Tax Credit mismatches… Read More
Hurdles with Hindu Undivided Family Dissolution: The Hindu Undivided Family (HUF) is a recognized legal entity under the Income-tax Act,… Read More
