At present two options are available for tax payers to e-file
ITR, either e-file ITR by affixing digital
signature or without affixing digital signature. In first case there is no need to send ITR-V to the I-T department’s
CPC,
based in Bangalore but in the later case tax payer is required to take a
print out of ITR-V and send it to the I-T department’s
CPC, based in Bangalore within 120 days of e-filing, in case tax payer fails to do so, his/her return
would deemed to be invalid return.
The above practice is adopted by every Indian and also CBDT
has made mandatory for the assessee whose income exceeds Rs.5 lakhs to file tax return online with the main motto of shifting
all the working paperless.
As
per statistics during 2012-13, a 31 per cent jump was seen
in e-filings by taxpayers as 2.14 crore entities filed returns online as
compared
to 1. 64 crore in 2011-12 but still most of e-filings are done without
affixing digital signature means sending ITR-V becomes necessary and
thus does not fulfill the motto of department.
So
CBDT has come up with the new way which will save the taxpayer from the
hassle of sending the paper document (called ITR-V) by post and
tracking
its acknowledgement which is going to be operational within this financial year
i.e. F.Y. 2013-14 (A.Y. 2014-15).
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