Some good news for people waiting for their tax refund for the past 4 years – Extension of time limit for posting ITR-V by CBDT

ITR-V is the acknowledgment of filing the Income Tax Return online. The ITR-V needs to be manually signed by the assessee and sent to the CPC in Bangalore. People generally overlook this part thinking that they have filed the return which relives them of there responsibility. Actually it is not so, sending ITR-V is mandatory according to the department norms. The CPC will process the return filed online only after receiving the ITR-V. If the assessee does not send ITR-V within 120days after filing of return, the ITR is deemed to be not filed at all. With regard to the pending ITR filed which could not be processed by the IT Department due to non-receipt of ITR-V form, the CBDT has extended the time for sending the ITR-V to the CPC for processing. This extension is not just for the past year, this time the extension is for AY 2009-10, 2010-11, 2011-12.  The extended time is till 31st March 2014. In such cases, central Board of Direct Taxes also relaxes the time-frame of issuing the intimation as provided in second proviso to sub section (1) of section 143 of the Act and directs that such return shall be processed by the end of 6 months for the date of receipt of ITR-V. This will come as a relief to many people, who could not send the ITR-V within due time the the refund has been pending ever since. _____________________________________________________________________________________________ Feel free to write to us,at [info@taxmantra.com] or call us at +91 88208208 11.