Central Board of Direct Taxes (CBDT) on Tuesday introduced a one-time leisure for verification of e-filed Revenue Tax Returns (ITRs) for evaluation 12 months 2020-21 with pending e-Verification or non-submission of ITR-V type.
ITRs for earnings earned in monetary 12 months 2019-20 was filed in evaluation 12 months 2020-21.
As soon as an ITR is filed, it needs to be verified inside 120 days of submitting to finish the method, failing which the ITR is taken into account defunct. An ITR may 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 put up 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 Evaluation 12 months 2020- 21 nonetheless stay pending with the Revenue-tax Division for need of receipt of a legitimate ITR-V Type at CPC, Bengaluru or pending e-Verification from the taxpayers involved,” CBDT stated in its round launched on Tuesday.
In view of this, CBDT has allowed one time leisure to ITRs pending for e-verification and given an extension to confirm till 28 February 2022.
“…in respect of all lTRs for Evaluation 12 months 2020-21 which have been uploaded electronically by the taxpayers throughout the time allowed below part 139 of the Act and which have remained incomplete because of non-submission of ITR-V Type/ pending e-Verification, the Board , in train of its powers below 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 velocity put up 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 stated in its round.
If the taxpayer fails to get her return regularized by means of a legitimate verification technique by 28 February 2022, obligatory penalties as supplied in regulation for non-filing the return could observe, CBDT added.
Supply: Live Mint