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.