New Delhi, July 13
The I-T Department on Monday gave a one-time rest to taxpayers who haven’t but verified their e-filed tax returns for evaluation years 2015-16 to 2019-20, and requested them to finish the verification course of by September 30, 2020.
A taxpayer submitting Income Tax Returns (ITR) electronically with out digital signature has to confirm it utilizing both Aadhaar one-time password (OTP), or logging into e-filing account by web banking, or by Electronic Verification Code (EVC) or by sending a duly signed bodily copy of ITR-V by submit to CPC Bengaluru inside 120 days of importing the ITR.
The Central Board of Direct Taxes (CBDT) in an order mentioned numerous electronically filed ITRs nonetheless stay pending with the IT Department for need of receipt of a sound ITR-V (Verification) kind at Centralised Processing Centre (CPC), Bengaluru from the taxpayers involved.
It mentioned non-filing of ITR-V inside time can result in returns being declared as ‘non-est’.
As a one-time measure for resolving the grievances of the taxpayers related to non-filing of ITR-V for earlier evaluation years and to regularise such returns which have both develop into ‘non-est’ or have remained pending for non-filing or non-receipt of ITR-V kind, the CBDT has permitted verification of electronically filed tax returns for evaluation years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 both by sending a duly signed bodily copy of ITR-V to CPC Bengaluru by pace submit or by EVC/OTP modes. Such verification course of should be accomplished by September 30, 2020.
It, nonetheless, clarified that “this relaxation shall not apply in those cases, where during the intervening period, Income-tax Department has already taken recourse to any other measure as specified in the Act for ensuring filing of tax return by the taxpayer concerned after declaring the return as Non-est.”
Nangia & Co LLP Partner Shailesh Kumar mentioned in lots of instances, ITRs filed by people grew to become invalid as a consequence of non-completion of verification course of. Consequently, tax refunds, if any, claimed in these ITRs additionally received caught.
“By this order, the government not only relaxes the timeline allowing taxpayers to verify their past years’ invalid ITRs by 30th September but also allows processing of such past ITRs by 31 December, 2020. This order can benefit a large number of taxpayers, mostly being individual taxpayers, who could not verify their past ITRs inadvertently,” Kumar mentioned.
This order gives a superb alternative to them for regularising their previous ITRs and never solely remedy the difficulty of previous non-compliance but additionally obtain previous pending refunds caught as a consequence of this procedural lapse, he added.
AKM Global Tax Partner Amit Maheshwari mentioned, “This is a welcome measure as practically we have seen several cases where there were legacy issues in terms of non-receipt of ITR V. Also, considering the consequences of non-filing, this was a much needed relief.” — PTI