Income Tax Department Relaxes Time Till Feb’2022 For Taxpayers To Complete Verification Of FY’20 ITRs
FY20 ITR verification completed by February 2022
Taxpayers who have not e-verified their ITR for the financial year 2019-20 can complete the verification process by February 28, 2022, as the Income Tax Department has given a one-time exemption to taxpayers.
As per law, Income Tax Returns (ITRs) filed electronically without digital signature can be submitted within 120 days through code sent through Aadhaar OTP, or net-banking, or demat account, pre-validated bank account and ATM To be verified electronically. of filing return.
Alternatively, taxpayers can send a physical copy of the ITR filed at the Centralized Processing Center (CPC) office in Bengaluru. If the verification process, which is done through the ITR-V form, is not completed, it is assumed that the return has not been filed.
The Central Board of Direct Taxes (CBDT), in a circular on December 28, said that a large number of electronically filed ITRs for the assessment year 2020-21 are still pending with the Income Tax Department for receipt of valid ITR-V. Form at CPC, Bengaluru or pending e-verification from the concerned taxpayers.
“In respect of all LTRs for the Assessment Year 2020-21 (Financial 2019-20), which were uploaded electronically by the taxpayers within the permitted time … and which remained incomplete due to non-submission of ITR-V Form The Board … hereby permits the verification of such return either by sending a duly signed physical copy of ITR-V to CPC, Bengaluru through Speed Post or through EVC/OTP mode.
“Such verification process should be completed by February 28, 2022,” the CBDT said.
This exemption will not be applicable in cases where, during the intervening period, the IT department has already taken recourse to any other measure to ensure that the return has not been filed by the taxpayer concerned .
Rajat Mohan, Senior Partner, AMRG & Associates said, “The non-compliant taxpayers will get ample time to come clean and complete the verification process, which will enable the tax department to process the returns.
“However, such non-compliant taxpayers will not be compensated for the interest for the intermediate period under section 244A, as the reasons for the delay are attributable to the taxpayer himself.”
