Assesses who have not yet e-verified their ITRs for the 2019-20 fiscal year can do so by February 28, 2022, as the Income Tax Department has granted them a one-time extension.
According to the law, an income tax return (ITR) filed electronically without a digital signature must be verified electronically within 120 days of filing the return using Aadhaar OTP, net-banking, or a code sent through a demat account, pre-validated bank account, or ATM.
Alternatively, taxpayers can mail a physical copy of their ITR to the Bengaluru-based Centralised Processing Centre (CPC).
It is assumed that the return has not been filed if the verification process, which is done through the ITR-V form, is not completed.
In a circular dated December 28, the Central Board of Direct Taxes (CBDT) stated that a large number of electronically filed ITRs for the Assessment Year 2020-21 are still pending with the Income Tax Department due to a lack of receipt of a valid ITR-V Form at CPC, Bengaluru, or pending e-Verification from the taxpayers concerned.
"Non-compliant taxpayers would have ample time to come clean and complete the verification process, allowing the tax department to process the returns," AMRG & Associates Senior Partner Rajat Mohan said. He further added, "however, because the reasons for the delay are attributable to the taxpayer himself, such non-compliant taxpayers would not be compensated for interest for the intervening period under section 244A."