fbpx
  Previous   Next
HomeBusinessI-T Dept Relaxes Time Till Feb’22 For Taxpayer Verification of FY’20 ITRs

I-T Dept Relaxes Time Till Feb’22 For Taxpayer Verification of FY’20 ITRs

Taxpayers who have not e-verified their ITRs for the 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees.

As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through Demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.

If the verification process, which is done through the ITR-V form, is not complete, then it is considered that the return has not been filed.

The Central Board of Direct Taxes (CBDT) in a circular dated December 28, said a large number of electronically filed ITRs for the Assessment Year 2020-21, still remain pending with the Income Tax department for want of receipt of a valid ITR-V Form at CPC, Bengaluru, or pending e-Verification from the taxpayers concerned.

“In respect of all lTRs for Assessment Year 2020-21 (fiscal 2019-20) which were uploaded electronically by the taxpayers within the time allowed… and which have remained incomplete due to non-submission of ITR-V Form… the Board… hereby permits verification of such returns either by sending a duly signed physical copy of ITR-V to CPC, Bengaluru, through speed post or through EVC/OTP modes.

“Such verification process must be completed by February 28, 2022,” the CBDT said.

This relaxation shall not apply in those cases, where during the intervening period, the I-T department has already taken recourse to any other measure for ensuring filing of a tax return by the taxpayer concerned after declaring that the return has not been filed, it added.AMRG & Associates Senior Partner Rajat Mohan said “non-compliant taxpayers would get ample time to come clean and complete the verification process, enabling the tax department to process the returns”.

“However, such non-compliant taxpayers would not be compensated for interest for the intervening period under section 244A, as the reasons for delay are attributable to the taxpayer himself.”

More News

Sensex Sinks 1,546 Points, Nifty Ends Below 17,200

The sell-off continued on the fifth session on January 24 with benchmark indices losing nearly 3 percent each. At close, the Sensex was down 1,545.67...

Smriti Mandhana Named ICC Women’s Cricketer of The Year For 2021

India opening batter Smriti Mandhana on Monday won the Rachael Heyhoe Flint Award for the ICC Women's Cricketer of the Year for 2021. Despite...

Joe Root Named Men’s Test Cricketer of The Year For 2021

England captain Joe Root, as expected, won the ICC Men's Test Cricketer of the Year Award for 2021 after beating the likes of Kyle...

RELATED NEWS

Ola Electric Raises $200 Million To Reach $5 Billion Valuation

Ola Electric on Monday announced it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round values...

PM Modi Tops List of Most Popular World Leaders In Morning Consult Survey

Prime Minister Narendra Modi has topped the global rating amongst world leaders with an approval rating of 71 per cent. On the list...

Sensex Slips 600 points, Nifty Ends Below 17,800

Benchmark indices ended lower on January 20 on the back of continues profit booking, with Nifty closing below 17800. At close, the Sensex was down...