The Central Board of Direct Taxes (CBDT) has announced the one-time relaxation for verification for all ITR e-filed for the Assessment Year 2020-21 due towards verification and processing.
For ITR that is furnished via electronic way excluding any digital signature the assessee is needed to validate it through any one of the modes under the time limit of 120 days from the uploading date of income tax return via Aadhaar OTP, by logging into an e-filing account through net banking, EVC through Bank Account Number, EVC via Demat Account Number, EVC through Bank ATM, by sending a duly signed physical copy of ITR-V via post to the CPC, Bengaluru.
CBDT mentioned that a bigger number of electronically furnished ITRs towards the assessment year 2020-21 is left till now through the income tax dept against the need to receipt of the valid ITR-V Form at CPC, Bengaluru, or due e-verification related to the assessee. The failure to validate ITR in the time permitted is essential like ITR would be declared non-est. Thus the concept of non-filing the ITR would be mentioned in the income tax act 1961 undergoes.
The same has decided through the council to furnish one-time exemption towards ITR-V/e-Verification submission to solve the grievances of assessee linked with the non-verification of Income tax returns for the AY 2020-21 and to comply with these ITRs that undergoes non-est or remains left through the Income-tax dept for the urge of the receipt of the corresponding ITR-V Form or pending e-Verification.
Hence for all Income tax returns for AY 2020-21 that were uploaded electronically through the assessee in the time given under section 139 of the act and is not completed because of non-submission of ITR-V Form pending e-Verification, the council using its powers under section 119(2)(a) of the Act, allowing the verification of the same returns either via sending a duly signed physical copy of ITR-V to CPC, Bengaluru through speed post or through EVC/OTP modes as documented in para 1 above. Such verification process must be completed by 28.02.2022.
Towards the cases, no exemption will be given in the intervening duration when the Income-tax dept has formerly opted alternative measure as mentioned in the act to ensure return filing via assessee-related post showing the return as non-est.
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Council also exempts the time limit for providing the intimation mentioned in the second proviso to sub-section (1) of Section 143 of the Act and renders the same returns would be processed dated 30/06/2022 and intimation of processing of returns would be furnished to the assessee relevant to the procedure. In the case of refund while finding the interest provision section 244A (2) of the act shall be applicable. The same is clear that the same relaxation shall be subjected to apply for all these returns that are validated in the prolonged duration.
