ITR Verification: ITR for the 2020-21 evaluation year can be verified until February 28
New Delhi: The Income Tax Service has now informed that the Central Commission on Direct Taxes (CBDT) has decided to grant one-time relaxation for the verification of electronic tax returns that are pending electronic verification.
The tax department said the last date for filing the ITRs for YY 2020-21 will remain December 31, 2021. The announcement comes as taxpayers complain about the difficulties in filing the ITR 2020-21 electronically in due to problems in the portal.
“The Central Commission for Direct Taxes (CBDT) has granted one-time relief for the verification of electronically filed RTIs for AY2020-21 that are pending verification due to non-submission of the ITR-V form or verification electronic pending, ”said the board of directors in a tweet followed by the publication of a circular. This verification must be carried out before February 28, 2022. These returns will be processed before June 30, followed by the issuance of the refund.
The chamber clarified that this relaxation would not apply in cases where, during the interim period, the Income Tax Service had already resorted to any other measure provided for by law aimed at ensuring the filing of the tax. tax declaration by the taxpayer concerned after declaring the return as non-est. Last year, due to the pandemic, the filing date for AY21 was extended several times.
“In the event that the taxpayer concerned does not have his declaration regularized by providing a valid verification (either ITR-V or EVC / OTP) before February 28, the necessary consequences provided for by law for the non-payment of the declaration may ensue, ”the council cautioned.
If the ITR is filed electronically without a digital signature, the taxpayer is required to verify it using various alternatives within 120 days from the date of uploading the ITR. This can be done through Aadhaar OTP, by logging into the e-deposit account via net banking, EVC via bank account number, EVC via Demat account number, EVC via Bank ATM or by sending a duly signed physical copy of ITR -V by post to CPC, Bangalore
According to counsel, it has come to its attention that a large number of RTIs filed electronically for AY 21 are still pending with the Income Tax Department due to failure to receive an ITR- form. V valid at CPC, Bengaluru or pending e-Verification with the taxpayers concerned. In law, the consequences of not verifying the RTI within the time limit are significant, because such an RTI is / can be declared non-est. Thereafter, the consequences of not filing an ITR, as specified in the law, ensue.