Assessment Year is one year ahead of Financial Year.
For e.g. for Financial Year (FY) starting from 1st April 2017 and ending on 31st March 2018, Assessment Year (AY) is 1st April 2018 to 31st March 2019
i.e. for FY 2017-18, AY is 2018-19.
Previous Year (PY) is nothing but Financial Year, for which the return is being filed.
i.e. for AY 2018-19, PY is 2017-18.
Financial Year is the duration between 1st of April and 31st of March in which income is obtained. Assessment Year is the corresponding year in which the income from previous financial year is assessed and taxed. In simple terms, Financial Year is when you earn and Assessment year is when you file the tax return for what you have earned.
As per Income Tax Act 1961, some specific incomes are exempt under section 10.
E.g. Income from units of mutual fund, Income on the sale of listed securities through stock exchange held for more than 12 months, Maturity proceeds of Life insurance proceeds, PPF interest etc.
Agricultural Income is exempt from tax. However, tax on Income from other than Agricultural Income may change because of aggregation of Agricultural Income.
Before filing your Income Tax Return, make sure that you have all the below mentioned documents ready. The use of these documents is applicable differently for each case so know which documents will be applicable to you.
The single document which will be applicable for all cases is the PAN.
Due dates for Income Tax Return filing is 31st July of the Assessment year. This due date is generally applicable for individuals with salaried income or Individual taxpayers.
|Particulars||Individual Resident in India below the age of 60 years||Individual Resident in India between the age of 60 to 80 years||Individual Resident in India above the age of 80 years||Tax Rate|
|Taxable Income||Up to Rs. 2,50,000||Up to Rs. 3,00,000||Up to Rs. 5,00,000||No tax|
|Rs. 2,50,000 – Rs. 5,00,000||Rs. 3,00,000 – Rs. 5,00,000||-----||5%|
|Rs. 5,00,000 – Rs. 10,00,000||Rs. 5,00,000 – Rs. 10,00,000||Rs. 5,00,000 – Rs. 10,00,000||20%|
|Above Rs. 10,00,000||Above Rs. 10,00,000||Above Rs. 10,00,000||30%|
The ITR for filing Income Tax return can be chosen as below:
ITR 1 (SAHAJ): If an individual has an income from any of the following source, then ITR-1 is applicable:
Goto https://www.taxplatter.com and click on Start Filing Now to start your e-filing at TaxPlatter.
( i.e Name, DOB, Contact details, Bank details.)
(i.e Salary, House property, Income from any other sources, assets / liability details.)
( i.e. LIC, Housing Loan, Medical insurance, Education loan etc.)
Enter all the taxes paid by you to the IncomeTax Department
Any Indian Resident Individual having Income from Salary, Income from House Property, Income from other sources (like Fixed deposit interest etc.) and Exempted Income which includes exempted income from sale of exempted securities, can file return through TaxPlatter.
Yes, TaxPlatter provides expert support through email. User can mail their query to email@example.com
TaxPlatter is a registered E-Return Intermediary with Income Tax Department. Through this service, TaxPlatter will help you to file your Income Tax Return without logging in to your Income Tax Account at Income Tax Department
TaxPlatter provides you data an all-round security as below:
The advantages of TaxPlatter are as below:
Yes, the details can be checked if you log-in to your Income Tax Department website login with your user-id and password, through TaxPlatter.
No, the system will recognize and select the required ITR type based on the information provided by you.
It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
E-filing can be done from any place at any time and it saves time and efforts. It is simple, easy and faster. The e-filed returns are generally processed faster as compared to returns filed manually.
For Individuals filing ITR 1 due date for filing Income Tax Return is 31st July of the Assessement Year. For AY 2018-19 (FY 2017-18) due date is 31st July, 2018.
Yes, if you have not furnished the return within the due date, you will have to pay interest on
Additionally, a fee for late filing has to be paid under section 234F. The fee for late filing is as below;
Yes, if one could not file the return of income on or before the prescribed due date, then
he/she can file a belated return. Return filed after the prescribed due date is called as a belated
return. A belated return can be filed within a period of one year from the end of the
assessment year or before completion of the assessment, whichever is earlier. A belated return
attracts interest and late fee as discussed in previous FAQ.
E.g., In case of income earned during FY 2017-18, the belated return can be filed up to 31st March, 2020.
Yes, Return can be revised within a period of one year from the end of the relevant assessment
year or before completion of the assessment whichever is earlier.
E.g., In case of income earned during FY 2017-18, the due date of filing the return of income (considering no audit) is 31st July, 2018. If the return of income is filed on or before 31st July, 2018 then the return can be revised upto 31st March, 2020. (assuming assessment is not completed by that date)
Theoretically a return can be revised any number of times before the expiry of one year from the end of the assessment year or before assessment by the Department is completed, whichever event takes place earlier.
Even though it is not mandatory, if the salary information of previous employer is given to present employer, estimation of taxable salary will be correct and unnecessary payment of self-tax and interest can be avoided. This might result because of allowing basic exemption limit & chapter VIA Deductions by both the employers.
If your salary components has transport allowance as a salary head and there is an excess of Rs.1600/- or Rs.3,200/- (in case of Handicapped employee), then an adhoc deduction is allowed to the extent of Rs. 1600/-per month or Rs.3,200/-per month (in case of Handicapped employee).
If your salary component has Children Education Allowance as a salary head and there is an excess of Rs.100 per child per month (maximum for 2 children) and/or Children Hostel Allowance of Rs. 300 per child per month (maximum for 2 children), then an adhoc deduction is allowed to the extent of Rs. 100/- per child per month (maximum for 2 children) on Children Education Allowance and Rs. 300/- per child per month (maximum for 2 children) on Children Hostel Allowance.
Yes. If you are staying in a rented house, you can claim HRA exemption, even though you own a house.
If the rent paid for the house and claimed for HRA exemption benefit is in excess of Rs.1,00,000 per annum, then PAN of the owner of the rented house is mandatory to be obtained and submitted to your company for claiming HRA exemption.
NO. You can declare only house property loss to adjust against your salary income as per Income Tax circular. Further Business loss cannot be set off against salary income.
NO. The salary given to your car driver cannot be claimed as an expense.
No expenses are allowed against commission as commission paid as part of salary.
If arrear is received during the year & not taxed in the earlier year, it will be taxable on receipt basis i.e. taxed in the year it is received.
Yes, the fair value of such security on the date of excising such option to be considered as perquisite value after reducing amount paid for excising such option by employee.
YES. It is taxable as a perquisite if the aggregate value of such gift in a year exceeds Rs.5,000/-.
Below given is list of some of the tax free perquisites;
Form 16 is a certificate from given your employer for the TDS been deducted on your salary. If an employer deducts TDS on salary, he must issue Form 16 as per tax rules of India. Form 16 is issued once in a year, on or before 31st May of the next year immediately following the financial year in which tax is deducted.
Any Indian Resident Individual having Income from Salary, Income from other sources (like Fixed deposit interest etc.) and Exempted Income which includes exempted income from sale of exempted securities, can file return through TaxPlatter.Form 16 contains information that is required to prepare your Income Tax Return. Form 16 is of two parts, Part A and Part B. Form 16 - Part A contains:
A House property can be your home, an office, a shop, a building or some land attached to the building say a parking lot. Income from all types of residential properties is taxed under the head 'income from house property' in the income tax return.
A self-occupied house property is used for one's own residential purposes. This may be occupied by the taxpayer's family. A vacant house property can also be considered as self-occupied for the purpose of Income Tax. If more than one self-occupied house property is owned by the taxpayer, only one is considered and treated as a self-occupied property and the remaining are assumed to be let out property.
A house property which is rented for the whole or a part of the year is considered a let-out house property.
Self-occupied House Property is used for residence throughout the year and it's not let out or used for any other purpose. Here, the gross annual value of this property is zero. There is no income from your house property. Since the gross annual value of a self-occupied house is zero, claiming the deduction on home loan interest will result in a loss from house property. This loss can be adjusted against your income from other heads.
No. Under the Act, a standard deduction of 30% is given, irrespective of expenditure incurred with regard to repair and maintenance. Hence, no claim is allowed on actual basis.
Only the interest part of an EMI is allowed as expenditure under house property. Repayment of housing loan principal is allowed as deduction u/s 80C of Chapter VIA Deductions.
Yes. Both rent paid and housing loan interest paid on self-occupied property can be claimed.
No. If the property is not self-occupied, then a nominal rent is to be declared and tax has to be paid if applicable, even though rent is not received.
Yes. The full amount can be claimed on the payment basis.
Interest paid during construction period to be aggregated and claimed in 5 equal instalments from the year of completion of construction of house property subject to limits specified.
The maximum limit of claim on housing loan interest paid is Rs. 2,00,000 provided the individual fulfil the below given conditions:
Other source is a residuary income head, any source of income not covered in income heads like Income from salary, Income from house property, Income from business/profession, Income from capital gain and exempt income covered are under Income from Other Source.
E.g. Income from sub-letting of house property, casual income, insurance commission, family pension, directors sitting fees, interest on deposits and unsecured loans, rent from vacant land, interest on income tax refund etc.
Any expenditure which is directly related to such other source income can be claimed as deduction. Following are some of the deductions can be claimed under Income from Other Source:
No. Form 15G/15H is applicable only for those, whose income including such interest income is below taxable limit (i.e. Rs. 2,50,000/- per annum). Interest income from bank is taxable at applicable tax slab of an Assessee. Hence if the Assessee taxable income is above Rs.10 lakh, then the Assessee has to pay tax at 30% on bank interest. Hence higher tax slab assesses have to keep track of such interest and have to pay advance tax.
Yes. Subject to exceptions that gift will not be taxable, if aggregate value of such gift of property or money received is less than Rs.50,000 in a year. Few exceptions for this condition are:
A deduction of Rs. 1,50,000 can be claimed on your total income u/s 80C. This deduction is allowed to an Individual or a HUF.
Below given are several investments, expenses and payments allowed to be claimed under section 80C. Maximum deduction allowed cannot exceed Rs. 1,50,000.
Employee contribution to EPF is eligible for deduction under section 80C i.e. 12% of your Basic + DA is deducted by the employer and deposited as your contribution in Employee's Provident Fund Scheme or Recognized Provident Fund.2. Life Insurance Premium Payment
The policy must be in the taxpayer's name or spouse's or any child's name (child may be dependent/independent, minor/major, or married/unmarried). The deduction is valid on insurance policies purchased after 1st April, 2012 only if the premium is less than 10% of sum assured. Benefits for existing purchased policies continue. The deduction is also allowed on payments made by Government employees to Central Government Employees Insurance Scheme. Receipts on maturity are tax free. Deduction claimed will be withdrawn if the policy terminates with 2 years.3. Children's Tuition Fee Payment
Deduction can be claimed for Tuition fees paid to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children (including payments for play school, pre nursery and nursery).4. Principal Repayments on Loan for purchase of House Property
Principal repayment of loan taken for buying or constructing a residential house property is also eligible for deduction in 80C. Deduction is also allowed for stamp duty, registration fees and other expenses of transfer of such property to the taxpayer. However, if the property is transferred or sold before the expiry of 5 years from the end of the financial year in which its possession was taken; the total deduction allowed for various years shall be taxed in that year.5. Sum paid for securing Deferred Annuity
Deduction is allowed on sum paid under non commutable deferred annuity for an individual on the life of the taxpayer, spouse or any child. This is also allowed on sum deducted from salary payable to Govt. Servant for securing deferred annuity for self, spouse or child. Payment limited to 20% of salary or actual contribution, whichever is less.
Deduction for Premium Paid for Annuity Plan of LIC or Other Insurer The deduction is allowed to an Individual for any amount paid or deposited in any annuity plan of LIC or any other insurer. The plan must be for receiving pension from a fund referred to in Section 10(23AAB). If the annuity is surrendered before the date of its maturity, the surrender value is taxable in the year of receipt.Section 80CCD
Deduction for Contribution to Pension AccountEmployee's contribution – Section 80CCD(1)
Allowed to an Individual who makes deposits to his/her Pension account. Maximum deduction allowed is 10% of salary (in case of taxpayer being an employee) or 20% of gross total income (in case of tax payer being self-employed) or Rs. 1,50,000 whichever is less.Employer's contribution – Section 80CCD(2)
Deduction is allowed for employer's contribution to employee’s pension account up to 10% of the salary of the employee. There is no monetary ceiling on this deduction.Deduction for self-contribution to NPS - Section 80CCD(1B)
A new section 80CCD(1B) has been introduced for additional deduction for amount deposited by a taxpayer to their NPS account. Contributions to Atal Pension Yojana are also eligible under this section. Deduction is allowed on contribution up to Rs. 50,000.
This section allows deduction from gross total income for Interest on Savings bank account. A deduction of maximum Rs. 10,000 can be claimed against interest income from a savings bank account.
Interest from savings bank account should be first included in other source income and deduction can be claimed of the total interest earned or Rs. 10,000, whichever is less. This deduction is allowed to an individual or HUF and it can be claimed for interest on deposits in savings account with a bank, co-operative society or post office.
Section 80TTA deduction is not available on interest income from fixed deposits or recurring deposits or interest income from corporate bonds.
Deduction is allowed for House Rent Paid where HRA is not received as a salary head. Condition to claim this deduction are as below:
Deduction can be claimed minimum of:
This Deduction is allowed on Home Loan Interest for First Time Home Owners. This section was revived in Budget 2016 and is applicable starting FY 2016-17.
The deduction under this section is available only to an Individual who is a first time home owner. The conditions to claim this deduction are as below:
The value of the property purchased must be less than Rs. 50 Lakhs and home loan must be less than Rs. 35 lakhs.
he Loan must be taken from a financial institution and must be sanctioned between 01.04.2016 to 31.03.2017. Under this section, an additional deduction of Rs. 50,000 can be claimed on home loan interest./p>
This is in addition to deduction of Rs. 2,00,000 allowed under section 24 of the income tax act for a self-occupied house property. There is no restriction on the number of years for which this deduction can be claimed.
This deduction is allowed for Rajiv Gandhi Equity Saving Scheme (RGESS) which was launched in the year 2012. Investors whose gross total income is less than Rs. 12 lakhs can invest in this scheme. Upon fulfilment of conditions laid down in the section, the deduction is allowed upto 50% of amount invested in equity shares or Rs. 25,000, whichever is lower.
This deduction is allowed for premium paid for Medical Insurance. This deduction is available up to Rs. 25,000/- to a taxpayer for insurance of self, spouse and dependent children. If individual or spouse is more than 60 years old the deduction available is Rs. 30,000.
An additional deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 25,000/- if less than 60 years old and Rs. 30,000 if parents are more than 60 years old. Therefore, the maximum deduction available under this section is to the extent of Rs. 60,000/-. Within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is also available.
For uninsured super senior citizens (more than 80 years old) medical expenditure incurred up to Rs. 30,000 shall be allowed as a deduction under section 80D. However, total deduction for health insurance premium and medical expenses for parents shall be limited to Rs. 30,000.
This deduction is allowed for Rehabilitation of Handicapped Dependent Relative. Deduction is available on:
Where disability is 40% or more but less than 80% a fixed deduction of Rs. 75,000 is allowed.
Where there is severe disability (disability is 80% or more) a fixed deduction of Rs. 1,25,000 is allowed. To claim the deduction a certificate of disability is required from prescribed medical authority.
Note: A person with 'severe disability' means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the 'Persons with disabilities (Equal opportunities, protection of rights and full participation)' Act.
The deduction for Medical Expenditure on Self or Dependent Relative is allowed under this section. A deduction of Rs. 40,000/- or the amount actually paid, whichever is less is available for expenditure actually incurred by taxpayer on himself or dependent relative for medical treatment of specified disease or ailment can be claimed.
The diseases for the claim of expenditure have been specified in Rule 11DD. A certificate in form 10I is to be furnished by the taxpayer from any Registered Doctor.
In case of senior citizens the deduction can be claimed up to Rs. 60,000 or amount actually paid, whichever is less. In case of very senior citizens Rs. 80,000 is the maximum deduction that can be claimed.
This deduction is allowed for Person suffering from Physical Disability. A deduction of Rs. 75,000 is allowed for an individual who suffers from physical disability (including blindness) or mental retardation.
In case of severe disability, deduction of Rs. 1,25,000 can be claimed. A Certificate should be obtained from a Govt. Doctor as specified in Rule 11D. This is a fixed deduction and not based on bills or expenses.
The deduction claimed for donations towards Social Causes is under this section. The various donations specified in Sec. 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in Sec. 80G. Sec. 80G deduction is not applicable in case donation is done in form of cash for amount over Rs. 10,000.
Donations with 100% deduction without any qualifying limit:
Donations with 50% deduction without any qualifying limit:
Donations eligible for 100% deduction subject to 10% of adjusted gross total income
Donations eligible for 50% deduction subject to 10% of adjusted gross total income:
This Deduction is claimed on contributions given by any person to Political Parties. This is allowed to a taxpayer for any amount contributed to any political party or an electoral trust and allowed for contribution done by any way other than cash.
Political party means any political party registered under section 29A of the Representation of the People Act.
This deduction is with respect to any Income by way of Royalty of a Patent. Deduction on any income by way of royalty for a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available up to Rs. 3 lakhs or the income received, whichever is less. The taxpayer must be an individual resident of India who is a patentee. The taxpayer must furnish a certificate in the prescribed form duly signed by the prescribed authority.
Exempt incomes are such incomes which specifically made exempt under section 10 of the income tax act.
E.g. Agricultural income, share of income from partnership firm, Dividend income, interest from PPF Account, Income of political parties, Income from long term capital gain from listed securities, maturity proceeds of life insurance policies, Exempted HRA claim, Scholarship granted to meet the cost of education etc.
Yes. You have to declare the exempt income in your income tax return.
Your employer is liable to deduct tax after computing your taxable income; the same is remitted by him to government. This TDS is then linked to your account after filing tds return by your employer.Advance Tax:
If you have annual tax dues of more than Rs 10,000, you are required to pay income tax in advance. Usually, for the salaried, these income tax payments are taken care of via TDS deductions by employer.
Situations when you have to pay advance tax:
Due Dates of payment of Advance Tax for FY 2017-18:
|On or before 15th June||Up to 15% of tax|
|On or before 15th September||Up to 45% of tax|
|On or before 15th December||Up to 75% of tax|
|On or before 15th March||Up to 100% of tax|
Non-payment of advance tax can result in penal interest levy under section 234B and 234C.Self-Assessment Tax:
Your income tax return cannot be submitted to the tax department, unless you have paid tax dues in full. Sometimes, you may see tax payable at the time of filing your return. This income tax must be paid online, so that return is successfully e-filed afterwards. Usually, interest under section 234B and 234C will also have to be paid along with your tax due, if you are paying tax after 31st March. Above said Advance Tax and Self-Assessment Tax can be paid online in the given link This is required to be paid by Challan No. ITNS-280. Tax can also be paid through approved banks, by producing the ITNS 280 Challans.
The TDS deducted by the employer can be verified by accessing your income tax account at Income Tax department website and downloading the Form 26AS details.
Assessee can avoid interest payable on non-payment of advance tax due to the deduction of TDS on payment..
Download Form26 AS from Income Tax Department website (Click Here)
Upload Form26 AS
To get income tax refund, first you have to file the income tax return. In the return on declaration of all incomes and investments details and computation of tax, if excess tax paid is determined the same can be claimed in the return. To receive the refund, provide your bank details properly and the refund will be credited directly to your bank account. Get refund due details through web link:
Step 1: What does this mean? You may have filed your returns in physical form (paper filing) and not e-Filed or your I-T Return was not filed at all.
Step 2: What do I do now? Double check the Assessment Year that you have entered to check your refund status.
Step 1: What does this mean? The Income Tax Department has still not processed your Income Tax Return or determined the refund yet. Please check your refund status after a month to see if it has been updated.
Step 1: What does this mean? The Income Tax Department has sent the refund to you (by Cheque or by direct debit to the Bank Account Number you provided while e-Filing).
Step 2: What do I do now? If your refund status is "Refund Paid", and you haven't received it yet, here's what you need to do:
Step 1: What does this mean? This is the most common case if you filed with no refund and no tax due. In that case, you're all set for this year. OR It could also be that you did file for a refund, but the Income Tax department denied the refund because their calculations did not tally with yours. This generally can happen because of mismatch of TDS data, incompletely or improperly filled sections in the original filing.
Step 2: What do I do now? If you have forgotten to include some deductions while filing, you can revise your return. When the Income Tax Department differs on the information you’ve provided, they would have also sent you an intimation explaining why. You can now fix the errors and file a rectification to support your refund claim. You can get help from an expert who can go through your tax notices and tax returns to best guide you. The expert can also help you file a rectification.
Step 1: What does this mean? Your Refund Claim has been accepted by the Income Tax Department. After the Refund Claim has been accepted, the Income Tax Department sends the refund details to the Refund Banker who is tasked with processing your refund.
Step 2: The Refund Banker service will give you the latest details of your refund that may include speed post tracking, error messages in case of incorrect bank details etc.
Step 1: What does this mean? The Income Tax Department has sent the refund to you, but the address provided to the IT department is wrong, hence the cheque was undelivered. OR The bank account details (Account Number or IFSC Code) that you submitted to the I-T department is wrong, and hence the refund wasn't processed.
Step 2: Firstly, confirm the cause of the problem by entering your PAN and Assessment Year on the Refund Banker's website. Once you have identified the cause, you need to login to your Income Tax Department account and then correct the information with the I-T department. After you correct the details, you need to apply for the "Refund Reissue Request" from within your Income Tax Department account.
Step 1: What does this mean? This typically indicates that the I-T department needs further clarification / Information regarding your Income Tax Return that you filed. The Assessing officer would like to discuss things further with you. In some cases, this could also mean that you have some past taxes outstanding with the I-T department which will be adjusted against the tax refund requested by you.
Step 2: What do I do now? On receiving such a message, contact the AO (Jurisdictional Assessing Officer) for your region. You may contact your Assessing Officer via telephone or by post.
Step 1: What does this mean? Your refund request has been rejected, and the I-T department finds that you owe them unpaid taxes instead. You may also have received a notice from the Income Tax Department with the exact amount of tax outstanding and the reason for the same. This can happen because of incompletely or improperly filled sections in the original filing, withholding income information, or mismatch in TDS.
Step 2: What do I do now? Read the intimation the I-T Department has sent you carefully and figure out where the problem has occurred. Cross check with your own e-Filing records to verify the information you provided was accurate. If you find that your own refund request was indeed erroneous, pay the tax demanded by the I-T department within the time limit mentioned in the intimation. If you think the I-T department made a mistake, you can update your information if necessary and file a rectification supporting your refund claim.
Step 1: What does this mean? The rectified returns may be completely or partially accepted by the IT department. Based on the rectification, the I-T department has calculated the refund amount and forward a refund pay-out request to Refund Banker. Such a message is shortly followed by a revised intimation and the refund amount from the IT department.
Step 1: What does this mean? The rectified returns may be completely or partially accepted by the IT department. However the I-T Department maintains that you have outstanding unpaid taxes. You will also receive intimation with the exact amount that is outstanding and will have to pay this off within 30 days of receipt.
Step 1: What does this mean? The rectified returns may be completely or partially accepted by the IT department. Based on the rectification, the department arrives at the conclusion that you neither owe any extra taxes, nor do you qualify for any sort of refund of taxes already paid. You will receive a revised intimation clarifying this fact.
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TaxPlatter will file your return and the Acknowledgement (ITRV) from Income Tax Department will be received at your mail box.
ITRV can be e-verified using different methods provided by ITD (View next point for detailed information on e-verification).
Income Tax Department will send you an acknowledgment of receipt of ITRV.
This completes your Income Tax Return Filing.
Your Income Tax return can be verified via different methods after successfully e-filing at Income Tax Department Account.
You can send the ITRV to CPC Bangalore or you verify through Electronic Verification Code (EVC). The EVC is a 10-digit alphanumeric number, unique for each PAN and valid for only 3 days. This can be generated through;
The below steps will guide you to the process;
No, you cannot. You have to compulsorily mail your ITR-V in a sealed A-4 envelope to the address mentioned above.
Yes, ITR-V has to be submitted within 120 days of e-Filing your return.