Taxpayers Get A Chance To Verify Income Tax Returns For Last Five Years
Taxpayers who filed their returns electronically for AY16 to AY20 (FY15 to FY19) but didn’t verify them, can do so by Sept. 30.
The Income Tax Department has given taxpayers one-time relief to verify their the returns for the last five years.
Taxpayers who filed their returns electronically for assessment years 2015-16 to 2019-20 (financial years 2014-15 to 2018-19) but didn't verify them, can do so by Sept. 30, according to a circular by the department.
If returns are filed electronically without a digital signature, taxpayers are required to verify these using an Aadhaar one-time password or send a physical copy of ITR-V, or the verification form, to department’s Bangalore office within four months. If not verified, such returns are considered "non est" or missing and are declared invalid.
Income tax refunds of several taxpayers were stuck as the department didn't receive ITR-V forms, Amit Maheshwari, a partner at tax consultant AKM Global. The relaxation, he said, would provide a "big relief" to such taxpayers.
The relief, however, will not apply to cases where the department has already taken any other measure to make taxpayers file returns declared “non est”, according to the circular.