CBDT Notification 37/2024: Amendment in Income Tax Forms ITR-V and ITR-Ack

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CBDT Notification No.37/2024 dated 27 March 2024: Income Tax (Fifth Amendment) Rules 2024

The Central Board of Direct Taxes (CBDT), vide its Notification No. 37 of 2024 dated 27th March 2024, notifies about the amendments brought in the Income Tax forms ITR-V and ITR-Ack to be effective from 1st April 2024.

Notification:

In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:

  1. These rules may be called the Income-tax (Fifth Amendment) Rules, 2024.
  2. They shall come into force on the 1st day of April, 2024.

To access the new forms ITR-V and ITR-Ack, readers can download the official notification of CBDT by clicking on the below given link.

Link to Download the Notification 37/2024

Instructions about ITR-V:

  1. Please e- verify the electronically transmitted return data using Aadhaar OTP or Login to e-Filing account through Net-Banking login or EVC generated using Pre-Validated Bank Account/ Demat Account or EVC generated through Bank ATM. Alternately, you may send the duly signed (preferably in blue ink) Form ITRV to “Centralised Processing Centre, Income Tax Department, Bengaluru 560500”, by SPEED POST ONLY.
  2. Form ITR-V shall not be received in any other office of the Income-tax Department or in any other manner. The confirmation of receipt of this Form ITR-V at ITD-CPC will be sent to the e-mail Id registered in the e-filing account.
  3. On successful verification, the return filing acknowledgement can be downloaded from e-Filing portal as a proof of completion of process of filing the return of Income.
  4. Please sign only in the box provided for signature. Signature anywhere else other than the box provided can render the ITR V invalid.
  5. Where ITR data is electronically transmitted and ITR-V is submitted within 30 days of transmission of data- in such cases the date of transmitting the data electronically shall be considered as the date of furnishing the return of income.
  6. Where ITR data is electronically transmitted but ITR-V is submitted beyond the time-limit of 30 days of transmission of data- in such cases the date of ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow.

Note:

The Income-tax Rules, 1962 were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide notification number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification GSR 155(E), dated the 05th March 2024.

To Know 5 Crucial Income Tax Tasks to Complete by March 31 CLICK HERE

Also Read

E-Verification Instruction 2(i)/2024: Instructions to AOs for Initiating Proceedings u/s.147 of I-T Act in e-Verification Cases

Tax Benefits of NPS under the Income Tax Act 1961

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