Income Tax Return: Major Relief By Income Tax Department, Provides One-Time Relaxation

Income Tax Return: Major Relief By Income Tax Department: In the latest tweet, the Income Tax department said that CBDT has decided to provide one-time relaxation for the verification of e-filed ITRs which are pending e-verification. The last date to file ITR for AY 2021-22, however, still is December 31, 2021. Taxpayers have been struggling to e-file ITR for the year 2021-22 due to glitches in the portal.

The circular issued by CBDT said, “It has been brought to the notice of Central Board of Direct Taxes (‘Board’) that 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 law, the consequences of failure to verify the ITR within the time allowed are significant as such an ITR is/can be declared non-est. Thereafter, the consequences for non-filing an ITR, as specified in the Income-tax Act,1961 (‘the Act’) follow.”

Major Relief By Income Tax Department, Provides One-Time Relaxation

ITR 2020-21: February 28, 2022, Is The New Deadline

In the case of ITRs that are filed electronically without an electronic signature, taxpayers need to verify it within 120 days using data like Aadhaar OTP, EVC through Bank ATM, etc. The returns now have to be filed by February 28, 2022.

The circular further said, “In respect of all ITRs 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 nonsubmission of ITR-V Form pending e-Verification, the Board, in the 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.”

Also Read: How To Save Tax In Financial Year 2022: 10 Points

source: India.com

Leave a Reply

Your email address will not be published.