Relaxation for verification of Income Tax Returns for the Assessment Year 2020-21
The good news has come for many taxpayers who had filed their ITR for the A.Y. 2020-21 but couldn’t verify the same due to any reasons. We are all aware that the taxpayers are required to file their ITR and verify it within the time limit of 120 days from the date of uploading it on the Income Tax Portal through any of the following modes:
- Through Aadhar OTP
- Validation through net banking
- EVC through Bank Account Number or Demat Account Number
- EVC through Bank ATM
- Sending a duly signed physical copy of ITR-V through the post to the CPC, Bengaluru
In case the taxpayer fails to verify his/her ITR, then the return is treated as invalid. Due to this, tax refunds of thousands of taxpayers get stuck. Further, it is treated that the return is not filed at all leading to non-compliance penalties. In the testing times of Covid-19, there is a large number of taxpayers who are facing these problems due to non-verification of their ITR within 120 days.
But the CBDT has come out with a circular on 28th December 2021 giving relief to all such taxpayers. The Board has decided to provide one-time relaxation for submission of ITR-V/ e-verification of ITRs of A.Y. 2020-21 and thus to regularize such ITRs which have either become invalid or have remained pending with Income Tax Department for want of receipt of ITR-V or pending e-verification.
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Please note that all ITRs for the Assessment Year 2020-21 which were uploaded electronically by the taxpayers within the time allowed under section 139 of the Act and which have remained incomplete due to non-submission of ITR-V or pending e-verification can now be verified by the taxpayers. The following points should be noted:
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So, please hurry…if this is also the case with you. Please keep in mind that the deadline is 28th February 2022.
Further, the following points should be noted in respect of one-time relaxation allowed by the CBDT:
- If the Income Tax Department has already taken some action (like issuance of any notice for ensuring filing of ITR) in respect of the taxpayer for A.Y. 2020-21 after declaring the return invalid, then the above relaxation shall not be applicable.
- Further, the Board has also relaxed the time frame for issuing the intimation of ITR processed under the second proviso to sub-section (1) of section 143 of the Act and such returns can be processed by 30th June 2022.
Read the Circular attached to this article.
