Income Tax Return: Big relief to taxpayers! AY20-21 ITR can be verified by February 2022

Income Tax Return: The Income Tax Department has given great relief to the taxpayers. The tax department has announced relief for those taxpayers who have not yet done e-verification of their income tax returns for the financial year 2019-20. Now, these taxpayers can do e-verification of their ITR by 28 February 2022. Let us inform you that giving relief to the taxpayers, the deadline for verification has been extended.

Verification has to be done within 120 days
According to the rules of the Income Tax Department, by filing Income Tax Return (ITR) electronically without digital signature, it has to be verified through Aadhaar OTP, net banking, code sent through Demat account, pre-validated bank account or ATM. This e-verification is required to be done within 120 days of filing the income tax return.

IT return verification is mandatory
Let us tell you that if the process of e-verification of your ITR is not completed then it is considered that the return has not been filed. CBDT says that if taxpayers must do e-verify by February 28. If the verification does not come, then legal action can be taken.

IT department appeals to taxpayers
Income Tax Department tweeted and said, Taxpayers! File your income tax return for assessment year 2021-2022 before December 31. Don’t wait any longer, file now. Let us tell you that the department has advised the taxpayers not to wait for the last date.

Penalty to be paid for not filing ITR
If you do not file ITR ahead of time, then you will have to pay a penalty of Rs 5,000 for this. On the other hand, if you file ITR for the assessment year 2021-22 after March 31, 2022, then a penalty of Rs 10,000 has to be paid. To avoid penalty, you have to file Income Tax Return before 31st December.