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If you are yet to verify your Income Tax Return (ITR) for Assessment Year 2020-21 (financial year 2019-20), there is one more opportunity.
“The Central Board of Direct Taxes (CBDT) has provided a one-time relaxation for verification of e-filed ITRs for AY2020-21 which are pending for verification due to non-submission of ITR-V form or pending e-Verification,” the board said in a tweet followed by issuing a circular. Such verification must be completed by February 28, 2022. These returns will be processed by June 30 followed by issuance of refund.
The board has made it clear that this relaxation will not apply in those cases where, during the intervening period, the Income tax Department has already taken recourse to any other measure as specified in the Act for ensuring filing of tax return by the taxpayer concerned after declaring the return as non-est. Last year on account of pandemic, the date for filing return for AY21 was extended many times.
“In case the taxpayer concerned does not get her/his return regularised by furnishing a valid verification (either ITR-V or EVC/OTP) by February 28, necessary consequences as provided in law for non-filing the return may follow,” the board cautioned.
Verification
If ITR is filed electronically without a digital signature, the taxpayer is required to verify it using various alternatives within the time limit of 120 days from the date of uploading the ITR. It can be done through through Aadhaar OTP, by logging into e-filing account through net banking, EVC through Bank Account Number, EVC through Demat Account Number, EVC through Bank ATM or by sending a duly signed physical copy of ITR-V through post to the CPC, Bengaluru
According to the board, it has been brought to its notice that large number of electronically filed ITRs for the AY 21 still remain pending with the Income-tax Departrnent for want of receipt of a valid ITR-V Form at CPC, Bengaluru or pending e-Verification from the taxpayers concerned. In law, consequences of failure to verify the ITR within the time allowed is significant as such an ITR is/can be declared non-est. Thereafter, the consequences for non-filing an ITR, as specified in the law, follow. Keeping this in mind, the board has given the relaxation.
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