So, instead of ITR-V, the Income Tax Return Acknowledgement – which is generated after the ITR-V is verified – may only be used henceforth as a proof of filing the return of income.
New Format of ITR-V: Know how advantageous, disadvantageous it’s for you
income, deductions, taxes etc – have been removed from it except the assessee’s name, PAN, acknowledgement number and the section under which the return in filed. To stop the process of using unverified ITR-V as a proof of filing return of income, “This is not a proof for having filed the Return” was printed at the end of the document last year and to eliminate the chance of using it as ITR proof, all the figures – viz. Tax Talk: Know how to avail of presumptive tax schemeĮven after introduction of Income Tax Return Acknowledgement as a proof of verified return of income, the process of submitting ITR-V as ITR proof was continued as the format of both the documents were almost identical.
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