New rules related to ITR filing process / verification of old ITR, 5 things will help taxpayer

  • You have not verified ITR, you have until 30 September
  • ITR-V can be declared ‘non-est’ if the ITR-V form is not filled within the stipulated time.

If you have not verified your Income Tax Return (ITR) for assessment year 2015-16 to 2019-20, you have till 30 September. Because the Income Tax Department has given a one-time exemption to taxpayers, who have not yet verified their e-file tax returns.

Once an ITR is filed by the taxpayer, it is necessary to get verified to complete the income tax return filing process. ITR can be declared ‘non-est’ if the ITR-V form is not filled within the stipulated time.

5 things to keep in mind to get old ITR verified

1. The exemption is applicable only once for the last five assessment years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20.

2. The exemption will not be applicable in cases in which the Income Tax Department has already declared taxpayer as non-est. In such a situation, the taxpayer has resorted to other measures to ensure the filing of tax returns.

3. Taxpayers filing Income Tax Return (ITR) electronically without digital signature must verify it using Aadhaar One-Time Password (OTP), or through Net Banking or by Electronic Verification Code (EVC) – You have to login to the filing account. ITR-V form has to be signed and posted to CPC Bengaluru within 120 days of filing ITR.

4. Shailesh Kumar, partner of Nangia & Company LLP said, “In many cases the ITR verification file filed by the taxpayer becomes invalid due to non-completion. In this case, the claim for tax refund is also stuck. By September 30, the government Not only has the taxpayer relaxed, but also has the opportunity to validate the last invalid ITR by 31 December 2020. ”

5. Cleartax CEO Archit Gupta said that taxpayers who could not verify their returns on time had enough time to do so. He added, “Taxpayers should use this opportunity to ensure that all previous returns are duly verified. If these are not completed by September 30, the taxpayer may be sent a notice to non-file.”