Central Board of Direct Taxes (CBDT) on Tuesday introduced a one-time rest for verification of e-filed Income Tax Returns (ITRs) for evaluation 12 months 2020-21 with pending e-Verification or non-submission of ITR-V type.
ITRs for revenue earned in monetary 12 months 2019-20 was filed in evaluation 12 months 2020-21.
Once an ITR is filed, it must be verified inside 120 days of submitting to finish the method, failing which the ITR is taken into account defunct. An ITR might be verified electronically by means of net-banking, Aadhaar-based one-time-password (OTP), demat account, pre-validated checking account and ATM. Alternatively, taxpayers can submit a self-attested copy of the ITR acknowledgement receipt to the Centralised Processing Centre (CPC) workplace in Bengaluru.
“It has been dropped at the discover of Central Board of Direct Taxes (‘Board’) that enormous variety of electronically filed ITRs for the Assessment Year 2020- 21 nonetheless stay pending with the Income-tax Department for need of receipt of a sound ITR-V Form at CPC, Bengaluru or pending e-Verification from the taxpayers involved,” CBDT mentioned in its round launched on Tuesday.
In view of this, CBDT has allowed one time rest to ITRs pending for e-verification and given an extension to confirm till 28 February 2022.
“…in respect of all lTRs for Assessment Year 2020-21 which have been uploaded electronically by the taxpayers throughout the time allowed beneath part 139 of the Act and which have remained incomplete because of non-submission of ITR-V Form/ pending e-Verification, the Board , in train of its powers beneath part 119(2)(a) of the Act, hereby permits verification of such returns both by sending a duly signed bodily copy of ITR-V to CPC, Bengaluru by means of pace submit or by means of EVC/OTP modes as listed in para 1 above. Such verification course of should be accomplished by 28.02.2022,” CBDT mentioned in its round.
If the taxpayer fails to get her return regularized by means of a sound verification technique by 28 February 2022, mandatory penalties as supplied in legislation for non-filing the return might comply with, CBDT added.
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