CBDT extends deadline for filing Income Tax Return – ITR-V till Sep 30, 2020
It’s a one-time relaxation for verification of ITRs which are pending for Non-Filing of ITR-V for resolving the grievances of the taxpayers associated with the non-filling/receiving of ITR-V for the earlier assessment years starting from 2015-16.
NEW DELHI: In a big one-time relief offered to the taxpayers, the Central Board of Direct Tax (CBDT) has extended the deadline for filing the Income Tax Return – ITR-V for the last five assessment years – 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20, till September 30, 2020.
CBDT has also relaxed the time frame for issuing the intimation and direct that such return shall be processed by December 31, 2020.
However, these relaxations shall not apply in those cases, where during the intervening period, the department has already taken recourse to any other measures as specified in the Act for ensuring filing of a tax return by taxpayer concerned after declaring the return Non-est.
According to Atul Puri, Partner, ShineWing India, the CBDT as an onetime measure for resolving the grievances of the taxpayers associated with the non-filling/receiving of ITR-V for the earlier assessment years starting from 2015-16.
“It aims at regularizing such income tax returns which have either becomes non-Est or have remained pending due to non-filing/receipt of ITR-V form permits verification of such return either by sending a duly signed physical copy of ITR-V to CPC, Bengaluru through speed post or through EVC/OTP modes as listed above by 30.09.2020,” Puri added.
While quoting the department Circular No. 13/2020 CBDT, the ShineWing India partner said that CBDT has also relaxed the time frame for issuing the intimation and direct that such return shall be processed by 31.12.2020 and intimation of processing of such return shall be sent to the taxpayer as per laid down procedure.
However, the necessary consequences would follow in case the taxpayer concerned did not get his return regularized by furnishing a valid verification by any of the modes by the extended deadline of September 30.
What prompted CBDT to take the step?
Hitherto, CBDT faced an issue that a large number of electronically filed ITR is lying pending for verification with the Income Tax Department (ITD), by those taxpayers who send their verification through a signed physical copy of ITR V through the post to the CPC, Bengaluru.
Consequences of non-filing the ITR-V, in law, within the time allowed is significant as such a return can be declared Non-Est in law and be followed by all the consequences for non-filling a tax return, as specified in the Income Tax Act,196, clarified Atul Puri.
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