Hurry Up! It's Your Last Opportunity To Clear Pending Tax Returns
Taxpayers can verify their past six year returns by August 31 This opportunity is for those who filed tax return but didn't verify it It is the last opportunity the tax department has said
August 31 is the last day to clear the pending tax returns of the six assessment years between 2009-10 and 2014-15.
This opportunity is only for those who have filed their income tax return but didn't send a signed acknowledgement copy of the ITR-Verification (ITR-V) form to the Bengaluru-based collection center of the income tax department within 120 days of filing the return.
It is not an opportunity to file belated return or revised return for the previous years.
ITR-V is acknowledgement by the tax department that your return has been successfully submitted. But only after the tax payer verifies it, the tax department processes the income tax return. Tax payers who have digital signatures can verify it online and don't have to send the ITR-V to tax department's office.
The Central Board of Direct Taxes (CBDT), the apex direct taxes body, had earlier given a deadline of August 31 to clear pending tax returns. The tax department said that this is the "last opportunity" for clearing the pending tax returns.
Last year, the tax department introduced e-verification of ITR-V using one-time password (OTP) through Aadhaar and net banking as many people didn't have digital signature.
To know the status of your ITR-V, you can go to the Income Tax Department's website and check whether the tax department has received your ITR-V or not. You need to enter your Permanent Account Number (PAN) and assessment year to know the status of your ITR-V.
So if you don't use this opportunity, returns filed for the previous years will be termed invalid.
