Cost Inflation index for financial year 2013-14

Income tax department has notified Cost inflation index(CII) for the financial year 2013-14. Income tax department issued every year CII figure which shows the inflation figure and it is very useful for calculating capital gain on the sale of the property. Income tax department has issued a notification no. 40 dated 6 June 2013 about the cost inflation index for the financial year 2013-14 and CII is 939. Full notification as well as cost inflation index of 33 years starting from financial year 1981-82 is as follows. New Delhi, the 6th day of June, 2013 S.O. 1464(E) – In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:- 2. In the said notification, in the Table, after serial number 32 and the entries relating thereto, the following serial number and entries shall be inserted, namely:- Cost Inflation Index for Year 2013-14 is 939 - See more at: http://www.taxdost.com/cost-inflation-index-for-financial-year-2013-14/

What is ITR V

What is an ITR-V?

ITR-V stands for ‘Income Tax Return – Verification’ form.

What is the significance of ITR V?

ITR V  is received when you e-file Income Tax Return without using a digital signature. Income Tax Department verifies the genuineness of income tax return when filed online without using a digital signature.

What I am Supposed to do ITRV?

One copy of ITR V should be saved in your records.
Another copy of ITR V should be signed and send to the Income Tax Department to complete the Income tax Return filing process.

Where should i Send ITR V?

To complete the return filing process, follow the below mentioned steps –

• Print and sign ITR-V.
• Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
• Mail the envelope within 120 days of e-filing to –

Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.
Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.

How will I know that my ITR V is received by Income tax department?

On receipt of ITRV you will be getting email and SMS from Income tax department. You can also login to income tax efilling site and know the status of ITR-V received or not?

What to do in case Income tax department does not receive my ITR V?

In case you do not get confirmation from Tax Department, please sign the ITRV again and send it by normal post.

Can I submit the ITR V by Courier?

ITRV sent by courier is not accepted. Tax Department has clearly stated to use Normal post or speed post only.
What if I do not submit ITR-V within 120 days?
If you miss submitting your ITR-V within 120 days, your return is consdired as never being filed.
In such a case you will have to file revised tax return, get a new ITR-V, acknowledgement number and submit again within 120 days.
Efile Income Tax Return  with Tax Dost.com