At present, the acknowledgement of ITR Form V does not contain the details of exempt income. Representational image
Budget 2021 Income Tax Return Expectations: In what may help avoid cancellation of VISA applications, the Institute of Chartered Accountants of India (ICAI) has suggested inserting details of exempt income in the ITR Form V acknowledgement.
At present, the acknowledgement of ITR Form V does not contain the details of exempt income. However, for VISA and Loan etc, ITR V acknowledgement is asked for.
“Currently, acknowledgement of ITR FOrme V does not contain the details of exempt income. For the purpose of obtaining VISA and Loan etc., only ITR V – Ack is asked for which does not have full details which result in cancellation in VISA applications,” ICAI noted in its recommendations for Budget 2021.
“It is suggested to insert details of exempt income in the acknowledgement of ITR Form V. Earlier the acknowledgement use to have taxable as well as exempt income which has been withdrawn from current year’s acknowledgement i.e. ITR V,” the ICAI recommended.