Income Tax Department has provided a one time opportunity to the Taxpayers whose Income Tax Return (ITR) has been filed but is pending for e-verification (using EVC/ OTP) or submission of ITR-V, in respect of Financial Year 2019-20/ AY 2020-21. Such returns should be verified by Taxpayers concerned latest by 28/02/2022, to avoid being treated as a non-filer and to avoid application of higher rate of TDS. Normally, the ITRs are required to be verified within 120 days from the date of e-filing of the return.
Last step in the process of e-filing of ITR is the ‘Verification of Return’, completion of which is most crucial, as the return filed by an Individual is treated as ‘Defective’ or ‘Invalid’, if it’s not verified within 120 days from the date of filing thereof.
It may be noted that in the case of Income-tax Returns (ITR) e-filed without a digital signature, the taxpayer is required to verify it using any one of the following modes within the time limit of 120 days from date of uploading:
i) Through Aadhaar OTP;
ii) By logging into e-filing account through net banking;
iii) EVC through Bank Account Number;
iv) EVC through Demat Account Number;
v) EVC through Bank ATM; or
vi) By sending a duly signed physical copy of ITR-V through post to the CPC, Bengaluru.
The returns which are pending verification, are processed by the Income Tax Department only after requisite verification. Otherwise it’s like no return has been filed.
Accordingly, the taxpayers can avail this opportunity and can complete the process of verification latest by 28/02/2022. Also this will help the Income Tax Department to process these returns latest by 30/06/2022.
CBDT Income Tax Circular 21/2021 dt. 28/12/2021: ITR Verification timeline extended upto 28/02/2022 for FY 2019-20/ Ay 2020-21