Shivani Gadhavi
Published On: December 29, 2021 at 17:22 IST
The Central Board of Direct Taxes on December 28, 2021 announced that it will be providing one-time relaxation to the taxpayers for the submission of their Income-Tax Returns Verification for the assessment year of 2020-2021.
The decision of the Board comes after it was brought to its attention that many Income Tax Returns that were filed electronically for the assessment year of 2020-2021 were still pending with the Income-Tax Department.
The Central Board of Direct Taxes was acknowledged about the situation. In this instance the taxpayers showed their concerns regarding the pending of their verification of Income-Tax Returns. The taxpayers demanded a valid receipt for their verification.
As it has been stated in the law that if taxpayers fail to verify their Income-Tax Returns within the prescribed time period, they will have to face the consequences specified in the Income-Tax Act, 1961.
In this Regard the Central Board of Direct Taxes issued a circular which stated, “the Board, in exercise of its powers under section 119(2) of the Act, hereby permits verification of such returns either by sending a duly signed physical copy of ITR-V to CPC, Bengaluru through speed post or through EVC-OTP modes.”
The Circular read that this relaxation does not apply to those taxpayers for whom measures were taken by the Income-Tax Department as mentioned in the Income-Tax Act, 1961. The Central Board of Direct Taxes also mentioned that the ITR-V were supposed to be submitted by the taxpayers till February 28, 2022.