There are different kinds of professions and jobs that people are engaged in. Some people do not get regular monthly salaries as others do. Their main proof of income is the Income Tax Returns (ITR). The ITR is used as proof by them for various purposes like availing their loans. Getting insurance facilities, to buy properties and purchase valuable assets. income Tax Returns can stand as proof of the income of the assessee. This is one of the main advantages of the ITR.
Therefore, it is necessary that one fills their ITR regularly to testify that they have paid their taxes on the income. There are also provisions for the e-filing of ITR. It was done even when the proof of filing was verified by the signature copy.
The introduction of Income Tax Return Acknowledgment has brought many changes. However, the older methods of the submission of ITR-V was continued as there were so many identical features in both the documents. It was noted that the use of ITR-V has to stop and therefore since last year it was clearly mentioned at the end of the document that it was not proof of Income or of having filed the Return.
Another significant measure taken was the removal of all the facts and figures from the document which included the income, deductions, and tax, etc. The only details that remained on the document were the PAN Number. the section of filing and the Assessee’s name.
From now on, the Income Tax Return Acknowledgement will be used as the Proof Of Income rather than the ITR-V. To ensure the convenience of the people the return is also available online in the Income Tax Portal in PDF form. The ITR Acknowledgement will also be asked in Passport offices. Foreign embassies and schools instead of the ITR-V.
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