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Can you help me

vaibhav (student) (220 Points)

15 February 2013

Dear friends, My father is a employee in bank.So his income tax return on the basis of his salary income is prepared & submitted by bank itself. This year (FY 2012-13) we sold HUF property and to claim exemption us54 we invested part of it in new house. Now i would like to clarify: 1) Whether we need to prepare another return under HUF status? 2) What is the due date to submit it to CPC Banglore (AY 2012- 13)? 3) Is it necessary to attach copy of agreement to sale of new house and sale deed of old property with ITR ? 4)Lastly, can I prepare my returns myself and submit it to CPC without taking help of CA ? Regard, Thank You......

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3 Replies

CA Ashish Pathak (Employed at Cipla Ltd.) (2779 Points)
Replied 15 February 2013

Solutions to your queries-

1) Yes the return has to be filled by the HUF and signed by the Karta. (Note: this will require PAN No. of HUF.)

2) You have to send the signed ITR V within 120 days of filling of e-return.

3) No need to attach any document with the ITR V (Acknowledgement) which you will be sending to CPC Banglore.

4) Yes, of course you can prepare and file the return yourself on behalf of your family HUF. No need of any CA for this. Being a CA Student you should be expert in Return filling. (Note that Any one can file his own return....even an engineer is allowed to file his own return. The law has no where states that return can be filled only through CA's.)

Any further query in this regard is welcome.

Regards.

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CA Ashish Pathak (Employed at Cipla Ltd.) (2779 Points)
Replied 15 February 2013

ITR V stands for ‘Income Tax Return – Verification’ form. It is an acknowledgment for E-filing which is generated after uploading the Income Tax Return in .xml format. Now, till the return filed is not duly signed by us, our filing remains incomplete. Any assessee who is filing a return of income electronically without the use of a digital signature an ITR V form will be generated and the assessee is required to submit the signed copy of the same to the CPC Bangalore.

So, after getting the ITR V simply follow these steps to complete filing -

Print two copies of form ITR V
One copy of such ITR V, duly signed has to be sent in A-4 size envelope by ordinary post to CPC Bangalore (Income Tax Department CPC, Post Bag No.1, Electronic City Office, Bengaluru – 560100, Karnataka.)
Keep the other copy for own record
The ITR V should be mailed within 120 days of e-filing.
Upon the receipt of ITR V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR V. This is our acknowledgement.
Filing is now complete.

Duly Signed copy of ITR V has to be submitted to the Income Tax Department so as to complete the filing process as the department needs to verify the authenticity of income tax return when filed online without using a digital signature.

Some Relevant Points to be kept in mind regarding ITR V-

If the submission of ITR V is done after the specified time of 120 days, then our filing will be regarded as null and void and it will be considered that we have not filed any return. In such a case, if we have filed a revised return we will get a new ITR V and the same have to be submitted within 120 days.
We cannot submit ITR V at local Income Tax office nor anywhere else in India except CPC Bangalore.
We need not have to attach or mail any other documents except the signed ITR V form.

Do’s & Don’t for printing and submitting of ITR V to CPC Bangalore -

1. Please use Ink Jet /Laser printer to print the ITR V Form.

2. Avoid printing on Dot Matrix printer.

3. The ITR V Form should be printed only in black ink.

4. Ensure that print out is clear and not light print/faded copy.

5. Please do not print any water marks on ITR V. The only permissible watermark is that of “Income tax Department” which is printed automatically on each ITR V.

6. The document that is mailed to CPC should be signed in original in Blue Ink.

7. Photocopy of signatures will not be accepted.

8. The signatures or any handwritten text should not be written on Bar code.

9. Bar code and numbers below barcode should be clearly visible.

10. Only A4 size white paper should be used.

11. Avoid typing anything at the back of the paper.

12. Perforated paper or any other size paper should be avoided.

13. Do not use stapler on ITR V acknowledgement.

14. In case you are submitting original and revised returns, do not print them back to back. Use two separate papers for printing ITR V separately.

15. More than one ITR V can be sent in the same envelope.

16. Please do not submit any annexures, covering letter, pre stamped envelopes etc. along with ITR V.

17. The ITR V form is required to be sent to Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100, by ordinary post or speedpost.

18. ITR Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed.

Thus, keeping the above mentioned points in mind ITR V should be printed and get submitted to CPC Bangalore otherwise it may get rejected or acknowledgement of receipt may get delayed