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Chance to Get Tax Refunds of the Preceding Years Due to Incomplete ITR

Tax Refunds for Past Years Due to Incomplete ITR

A lot of people file their Income Tax Returns (ITR) just to get the refund of excess TDS (Tax Deducted at Source) deducted. But the TDS refunds are only credited if you verify the ITR filed either through EVC/OTP (electronically) or by sending it through the post to Income Tax Department Centralized Processing Centre (CPC), Banglore (physically), within 120 days of filing the Income Tax Return Read the easy guide on e-filing of IT return online in India. Step by step guide to filing income tax returns through official income tax department portal. Read More or else the ITR stands invalid.

There are a lot of returns, with the Income Tax Department, that has been filed by the assessees but are not verified due to which the Central Board of Direct Taxes (CBDT) has announced that it will be providing a one-time relaxation to such assessees to verify the ITR filed Get to know about top 6 quick methods to verify income tax return by taxpayers. Also, we showcase online and offline methods along with the simple guide. Read More between the financial years 2015-16 and 2019-20 which have been with the department due to failure in the verification of the ITRs.

All the assessees whose refunds have been struck with the department for five years, now have the opportunity not to claim the refunds by verifying the previously filed ITRs, electronically, before 30th September 2020.

Read More: Easy Guide to Check Income Tax Return (ITR) Status Online Get to know easy guide to check income tax return status online by two methods on the income tax department official website. The methods are using income tax account & acknowledgement number. Read More

In case an assessee has a tax liability for the previous five years and your ITR is pending for verification, then the IT department can start legal proceedings against that assessee, according to the law. So, it is better that you complete and verify the ITR for all the pending returns.

The CBDT has warned that this is a one-time opportunity for the assessees, started to solve the grievances of the taxpayers. This opportunity will not be provided to such assessees against which the IT officials have already taken some sort of compliance or legal actions.

Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Published by Devesh Sharma (Ex-employee)
Devesh, an internet enthusiast, likes to surf different websites to gather reliable and accurate data and is very passionate about writing, Currently placed as a Content Writer at SAG Infotech is into writing about different tax-related contents and is willing to go beyond the perimeters to write more precisely, his articles offer great details to the facts and the products. View more posts
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