Golden Opportunity for Tax Payers to Verify Previous Income Tax Returns!

Forget to verify your previous year tax returns? Don’t worry because CBDT has come up with a Golden Opportunity for those taxpayers who have filed their income tax return well within the time frame but afterwards forget to verify ITR V acknowledgement within 120 days.

Some Important Points Related to this One Time Opportunity:

1. This is applicable for the Income Tax Return which are filed Electronically

2. There are total Six ways to E-verify the return as per this CBDT circular:

• Through Aadhaar OTP
• By logging into e-filing account through net banking
• EVC through Bank Account Number
• EVC through Demat Account Number
• EVC through Bank ATM
• By sending a duly signed physical copy of ITR-V through post to the CPC, Bengaluru

3. This one time relaxation opportunity is applicable from AY 2015-16 to AY 2019-20.

4. Only those tax payers who has filed their income Tax Return pertaining to that concern Assessment Year within the time limit prescribed u/s 139 can only be applicable to opt for this scheme. In short, Original Return, Belated Return, Revised Return, etc. all are covered under this relaxation.

Only if the return is time barred i.e. filed after the time prescribed u/s 139 then it will not be considered for this relaxation.

5. Generally, non-submission of the ITR will lead us three possible results:

• The status of that return is showing as “Pending for Verification” on E-filing portal
• Return will be declared as Non-est i.e Invalid – it is as good as you have not filed your return for that AY
• Income Tax Department has already taken recourse to any other measure as specified in the Act for ensuring filing of tax return by the taxpayer concerned after declaring the return as Non-est.

This relaxation opportunity can be opted by taxpayers who are covered under case (a) or case (b).

This relaxation will not be applicable for the taxpayer who is already under Case (c).

6. Last date for this One time relaxation scheme for E-verification of Previous year Income Tax Returns is 30^th September, 2020

7. CBDT also relaxes the time-frame for issuing the intimation u/s 143(1) of the Act and directs that such returns shall be processed by 12.2020.

8. In refund cases, while determining the interest, provision of section 244A (2) of the Act would apply.

9. In case the taxpayer concerned does not get his return regularized by furnishing a valid verification by 30.09.2020, then necessary consequences as provided in law for non-filing the return may follow.

Procedure for E-Verification of the ITR pertaining to previous years are as under:

1. Login into the E-filing portal www.incometaxindiaefiling.gov.in/

2. Once you have logged in, Go to “Dashboard” tab. Under that tab “E- Verify Return Data of Previous Years” option is reflected with Red colour.

3. After clicking the above mentioned article, in case there is no pending return for the verification is left against your PAN, then the following window will appear.

4. And if there is pending return for review you have to verified it by following the procedure as prescribed below:

Option 1: By logging into e-filing account through net banking

Option of Login to eFiling portal is also available through net banking platform of various banks in India. Taxpayers having accounts with those banks (with their PAN attached with the bank account and the PAN is registered in eFiling portal) can login to eFiling portal through their Net banking (Please verify the link to eFiling option in net banking platform with the respective banks). After login to the eFiling portal through net banking, Taxpayer can submit any of the listed items and it will be automatically e-Verified, (EVC will be generated and attached to the item automatically). Currently this option is available for specific banks.

Option 2: EVC through Bank Account Number

Taxpayers can generate an EVC using Pre-validated bank account details and the EVC can be used for e-Verification. Taxpayers must have linked their bank account with the eFiling account. Option to link the same is available under Profile Settings ⇒ Prevalidate Bank Account after login to eFiling portal.

Option 3: EVC through Demat Account Number

Taxpayers can generate an EVC using Pre-validated DEMAT account details and the EVC can be used for e-Verification. Taxpayers must have linked their DEMAT account with eFiling account. Option to link the same is available under Profile Settings ⇒ Prevalidate DEMAT Account after login to eFiling portal. National Securities Depository Limited (NSDL) and Central Depository Services (India) Ltd (CDSL) provided the option to pre-validate the Demat account

Option 4: EVC through Bank ATM

Taxpayers can generate an EVC through an ATM and the EVC can be used to verify the listed items. “PIN FOR INCOME TAX FILING” option can be used in the ATM to generate the EVC. Taxpayers must have linked their PAN with the respective bank account and the PAN should be registered with eFiling for the same. Upon using the option, Taxpayer will get the EVC on the registered mobile number (Primary mobile number registered with specific Bank). EVC generated using this option is valid for 72 Hours. – Currently this option is available for specific banks. Taxpayer can also generate EVC using Netbanking Login or Pre-validated Bank Account or Pre-validated DEMAT account under My Account ⇒ Generate EVC option after login to eFiling portal and it is valid for 72 Hours from the time of generation of the code.

Option 5: Through Aadhaar OTP

To generate an EVC through Aadhaar is done in two stages.

1. Firstly, the taxpayer has to link PAN with Aadhaar through the e-filing portal.  The taxpayer’s PAN credentials such as Name, Date of Birth and Gender will be matched with the Aadhaar credentials. On matching, the PAN will be linked to Aadhaar.
2. Secondly, taxpayers has to opt for Aadhaar EVC. A One Time Password (OTP) will be generated by the Aadhaar authorities and sent to the Aadhaar registered mobile of the taxpayer. Using this OTP, the taxpayer would be able to verify the uploaded return.

Option 6: By sending a duly signed physical copy of ITR-V through post to the CPC, Bengaluru

If  Taxpayers don’t want to opt for any of the above options then they have the simplest option available i.e. manually send a signed physical copy of ITR V acknowledgement through ordinary or speed post to CPC, Bengaluru. Please keep in mind that the sign should be in BLUE ink within the given box.

I hope the above article will clear all the doubts of the taxpayers regarding CBDT circular related one time relaxation for previous year return verification.

So, let’s gear up and take most of the advantage of this golden opportunity.