Goods and Services Tax (GST) is one of the greatest tax reforms introduced in India from 1st July 2017. It is a value-added tax levied i.e. tax is only paid on the value added during Read more…
The income tax department has offered a one-time relaxation for verification of returns filed electronically in the last five years that have been pending for want of valid ITR-V forms.
Process of Filing Income Tax Return
Step-1 Complete Total Income for FY
Step-2 Compute your Taxable Liability
Step-3 Select Appropriate form and File your Income Tax Return
Step-4 File Your Income Tax Return
It’s that simple my friend. Yay..
But here is the catch, to complete the income tax returns (ITR) filing process, an individual is required to verify it. And same must be verified within 120 days of filing and failing to do that will lead of Invalid return and your hard earned refund money will be blocked.
Clearly, we cannot afford during COVID times. Every rupee counts today
Tax Department are struggling with a situation wherein ITR is filed but not verified.The Income Tax of India said that a record 5.65 crore ITRs filed in FY 19-20. However, only 3.61 crore were verified until September 1, 2019.
i.e., 36% Income Tax Return are not verified and are stuck
Here is good news, The Income Tax (I-T) Department on Monday gave a one-time relaxation to taxpayers who have not yet verified their e-filed tax returns for assessment years 2015-16 to 2019-20 and asked them to complete the verification process by September 30, 2020.
This order provides a good opportunity to regularize past ITRs, solve the issue of past non-compliance and receive past pending refunds stuck. Clearly pro tax payer move by the government
However, this relaxation shall not apply if income tax department has already got access to your books and your books are not in good shape. I mean there is some assessment going on.
Well, it’s a wonderful time to get back your old refund. Contact your CA and get your acts sorted
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Published By: akash On 03/31/21 8:49 AM