Income Tax dept relaxes deadline for ITR verification till Feb 28

Income Tax Department has given a one-time relaxation to taxpayers who have not been able to verify their income tax returns online for the 2019-20 fiscal. The IT department has extended the deadline to verify ITR till February 28 next year from December 31 this year. As per law, an income tax return filed without a digital signature needs to be verified electronically via Aadhaar OTP, net-banking, code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return.

“In respect of all ITRs for Assessment Year 2020-21 (fiscal 2019-20) which were uploaded electronically by the taxpayers within the time allowed… and which have remained incomplete due to non-submission of ITR-V Form… the Board… 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. Such verification process must be completed by February 28, 2022,” the CBDT said in a circular.

This relaxation will not, however, apply in cases where the IT Department has already taken recourse to other measure(s) for ensuring ITR filing by the taxpayer in question after declaring that the return has been filed, it further noted. Taxpayers can also send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru. In case the verification process done through ITR-V form is not complete, then it is considered that the return is not filed.

AMRG & Associates Senior Partner Rajat Mohan told news agency PTI that “non-compliant taxpayers would get ample time to come clean and complete the verification process, enabling the tax department to process the returns. However, such non-compliant taxpayers would not be compensated for interest for the intervening period under section 244A, as the reasons for delay are attributable to the taxpayer himself.”

(With agency inputs)

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