No ITR-V Submission From Next Year !

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If you submit income tax returns online, you might not need to mail the Income Tax Returns Verification (ITR-V) to the CPC Banglore within a specified period.Otherwise the tax return is considered invalid. The good news is that Income  Tax  department is working on an estimate where individual taxpayers, that do not have an electronic digital trademark, need not need to sign the ITR-V to complete the procedure of e-filing returns.

It is reported in media that such scheme of no forwarding of ITR-V to CPC Banglore  will go live from next economic year, that is, after April 2013. The news has emerged out of the meeting of Income Tax department in which scheme was discussed with   authorised e-return intermediary (ERIs) . The proposal is most likely to come up for clearance by September 2012.

The income tax department  desires to make the method of e-filing of tax return absolutely internet oriented. Likewise in the past 2 years, over 10 lakh individuals file returns internet .