Changes in ITR-5 for AY 2020-21

Soumya Laha | Last updated: 03 December 2020

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Quick Summary

For the Assessment Year 2020-21, the Income Tax Department has updated the ITR-V form. It's important to understand that the ITR-V itself is a verification form and does not contain your income details. To complete your tax return submission, you must verify the ITR-V either by e-verification or by sending a signed copy to CPC Bengaluru. Upon successful verification, you will receive an Income Tax Return Acknowledgement, which serves as proof of your submission.

Hope, some taxpayers may surprised to see the new look of ITR-V, especially when they haven't find their income details in ITR-V. But, don't worry, Income Tax Department has made a change in ITR-V for FY 2019-20 / AY 2020-21 from this year. After submission of ITR, you will get ITR-V and after verification you will get Acknowledgement.

After submission of Income Tax Return, you will get ITR-V 'Indian Income Tax Return Verification Form'. This verification form doesn't contains any income details of assesse and it will not be treated as a useful document for any financial purpose.

ITR-V Changes AY 2020-21: What You Need to Know

Form ITR V

You need to e-verify your Income Tax return or send the signed copy (sign with blue ink) of ITR V to CPC Bengaluru. After successful verification you will get 'Indian Income Tax Return Acknowledgement' which is the proof of your verified submission of Income Tax Return and it will be treated as a useful document.

ITR Acknowledgement

So, as soon as your ITR verification process complete, you will get ITR Acknowledgement. In case of sending signed copy of ITR V to CPC Bengaluru via postal, it takes some days to complete the verification process and generate ITR Acknowledgement. But, in case of e-verification, you will get ITR Acknowledgement instantly.

You may e-verify your ITR with any of the following options:

Aadhaar OTP (Mobile no should be registered with Aadhaar)
Net banking
Prevalidated Bank A/c (Mobile no. must match the mobile linked to this Bank a/c)
Prevalidated Demat A/c (Mobile no. must match the mobile linked to this Demat a/c)

FAQ :

ITR-V stands for 'Indian Income Tax Return Verification Form'. It is a form you receive after submitting your Income Tax Return, used for verification purposes.

No, the ITR-V form does not contain any income details of the assessee and is not considered a useful document for financial purposes on its own.

You can verify your Income Tax Return by e-verifying it or by sending the signed copy of ITR-V with blue ink to CPC Bengaluru.

ITR-V is the verification form submitted after your return. The Acknowledgement is received after successful verification and serves as proof of your verified submission.

If you send the signed ITR-V via post, it takes some days. E-verification provides the Acknowledgement instantly.

You can e-verify your ITR using Aadhaar OTP, Net banking, Prevalidated Bank A/c, or Prevalidated Demat A/c, provided your mobile number is registered and matches the linked accounts.