If not verified by February 28, the returns filed for assessment year 2020-21 will be considered ‘incomplete.’
With the deadline to verify income tax returns (ITRs) for the assessment year 2020-21 on the horizon, the Income Tax Department has urged tax payers to verify their returns. If not verified, the ITR filing will be considered ‘incomplete,’ the IT department cautioned.
“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 28th February 2022. Pl visit incometax.gov.in,” it said on Twitter, on Sunday.
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The verification of a tax return, which can be done both electronically as well as by sending a physical copy of the return filed online, is necessary because this is a way to substantiate the information mentioned in it–a requirement for legal purposes.
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If not verified on time, a return is considered ‘not filed’ and, therefore, attracts all the consequences applicable if one is not filed to begin with. However, if absolutely necessary, a taxpayer can request the IT department of allowing a delay in verifying the return. Such a return can be filed, and will be treated ‘valid’ only after the tax authority approves the request.
Usually, ITRs are authenticated within four months of these being filed. However, in December last year, the IT department allowed taxpayers to verify their returns for AY21 until the end of February 2022.
