Thursday, July 16, 2020

Have you not verified the 5-year ITR? Can do before September 30


income tax return, www.finvestonline.com

Have you not verified the 5-year ITR? Can do before september 30


The Income Tax Department has given a one-time exemption to taxpayers who have not yet verified the electronically filed returns for the assessment year 2015-16 to 2019-20. The department has asked to complete the verification process by September 30, 2020.

If a taxpayer fills the income tax return electronically without digital signature, it can be verified through net banking on Aadhaar Aadhaar password or e-filing account or on the electronic verification code (EVC) or ITR-5 form It has to be signed and sent to CPC Bangalore. He has to do all this within 120 days of uploading the ITR.

The Central Board of Direct Taxes (CBDT) said in an order that a large number of ITRs filled electronically are still pending. The reason for this is not sending the ITR-5 (verification) form to the 'Centralized Processing Center (CPC), Bangalore' on behalf of the taxpayers concerned.

According to the order, due to non-submission of ITR-5 on time, the returns are declared 'not filled' i.e. invalid. With the intention of one-time resolution of complaints related to this, CBTD has allowed the verification of electronically filed returns for the assessment years 2015-16, 2016-17, 2018-19 and 2019-20

Under this, either IT-5 form has to be signed and sent to CPC Bengaluru or it can be verified through EVC / OTP. This type of verification needs to be completed by 30 September 2020.

However, the Board clarified that this exemption will not be applicable in cases in which the Income Tax Department has already made a provision under the law to ensure tax returns of the concerned taxpayers after the return has been declared 'not filled'. Have you taken any step

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