The Income Tax department on Sunday urged tax payers to verify their tax returns for assessment year 2020-21 before 28 February, the last date for the same.
Verification of the tax return either electronically or by sending a signed physical copy of the return filed online is essential as it is a way of declaring the truthfulness of the information reported in the return, a legal requirement.
“Don’t miss out on the last chance to verify your ITR for AY 2020-21. ITR filing is incomplete if not verified. The last date for verification for AY 2020-21 is 28 February 2022,” the department said in a tweet.
If a tax return is not verified in time, the return is treated as ‘not filed’ and it will attract all the consequences of not filing tax returns. However, one can request condonation of delay in verification. After submission of such a request, the tax payer will be able to e-verify the return. But the return will be treated valid only after the condonation request has been approved by the tax authority.
Tax returns are usually to be authenticated within four months of filing the return. As a one-time relief, the department in December allowed tax payers to authenticate returns for AY21 by electronic means including Aadhaar linked one time password or by sending the physical copy to the tax department’s centralised return processing facility in Bangalore by end of February 2022.
The extra time to regularise returns was given as a chance to resolve tax payer grievances. When the relief was given, the department had clarified that this relaxation did not apply in those cases, where during the intervening period, the department has already taken recourse to any other measure for ensuring filing of tax return by the taxpayer.