CBDT allows ITRs of AY 2020-21 to verify returns till 29 Feb 2022

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Central Board of Direct Taxes (CBDT) on Tuesday announced a one-time relaxation for verification of e-filed Income Tax Returns (ITRs) for assessment year 2020-21 with pending e-Verification or non-submission of ITR-V form. 

ITRs for income earned in financial year 2019-20 was filed in assessment year 2020-21.

Once an ITR is filed, it has to be verified within 120 days of filing to complete the process, failing which the ITR is considered defunct. An ITR can be verified electronically through net-banking, Aadhaar-based one-time-password (OTP), demat account, pre-validated bank account and ATM. Alternatively, taxpayers can post a self-attested copy of the ITR acknowledgement receipt to the Centralised Processing Centre (CPC) office in Bengaluru. 

“It has been brought to the notice of Central Board of Direct Taxes (‘Board’) that 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,” CBDT said in its circular released on Tuesday. 

In view of this, CBDT has allowed one time relaxation to ITRs pending for e-verification and given an extension to verify until 28 February 2022.

 “…in respect of all lTRs for 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 Form/ pending e-Verification, the Board , in exercise of its powers under section 119(2)(a) of the Act, 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 as listed in para 1 above. Such verification process must be completed by 28.02.2022,” CBDT said in its circular.

If the taxpayer fails to get her return regularized through a valid verification method by 28 February 2022, necessary consequences as provided in law for non-filing the return may follow, CBDT added.

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