Verify your pending ITRs by this date to avoid penalty
New Delhi: Income tax return filing is one of the most important financial tasks in a financial year. The income tax department has acknowledged that a large number of ITRs often remain pending for processing because they are not verified by the taxpayers. In wake of the pandemic, the Central Bank of Direct Taxes extended the relaxation for taxpayers who have not been able to complete e-verification filed for income tax returns (ITR) for assessment years 2015-16 to 2019-20.
Normally, taxpayers are supposed to complete the verification within 120 days of having filed the return online. If the ITR is not verified within the stipulated time period of 120 days, ITR is considered to be not filed and the assessee may face prosecution, penalty under various sections of the Income Tax Act for non-filing of return of income. However, this year, CBDT extended ITR verification deadline till September 30.
The Income Tax Department does not process Income Tax Refund if the ITR is not verified. Remember that in case of offline filing of ITR, manual submission of the return completes the filing process. However, in case of ITR e-filing, it’s mandatory to get the return verified online within 120 days from the date of filing of the return. A return may be verified either by sending a signed copy of ITR-V to CPC, Bangalore through speed post/ordinary post or by e-verification through OTP.
How to verify ITR online:
Using your bank account number
- Log in to the e-filing portal, pre-validate your bank account number
- Go to e-verify link, enter acknowledgement number
- Select the option to e-verify using a bank account number and generate EVC. You will receive the EVC on your registered mobile number Enter this code on the portal to verify your return
- Enter this code on the portal to verify your return
Using Aadhaar-based OTP
- Log in to the incometaxindiaefiling.gov.in website
- Click on ‘e-Verify return’ on the left-hand-side menu
- Select the option to verify using Aadhaar OTP (only if Aadhaar-PAN linkage is already done)
- Generate an OTP on your registered mobile number
- Enter the OTP on the portal to complete the process
Using EVC generated through Net Banking: If your bank is authorised by the Income Tax Department to provide e-verification facilities then you can log in to your net banking and click on ‘e-verify’. You will be directed to the e-filing portal. Click on ‘My Account’ option and an EVC will be generated which will be sent to the registered mobile number. Use this to verify your return.
The extension offered by CBDT is valid for verification of e-filed ITRs for Assessment Years (AYs) 2015-16 to 2019-20. Assessees will not be able to avail this relaxation to get a return of any of the previous AYs verified, in case the Tax Department has already taken recourse against a taxpayer.
It is also worth mentioning that while the deadline for availing the benefit of getting ITRs of previous years e-verified is September 30, 2020, the due of filing ITR for AY 2020-21 has been extended to November 30, 2020, due to the disruption caused by the Covid-19 pandemic.