Statements that are not verified in a timely manner are considered “unsubmitted” and will therefore bear all consequences applicable to non-submitted statements. However, if absolutely necessary, taxpayers can ask the IT department to allow a delay in reviewing the return. Such declarations can be submitted and will only be considered “valid” once the application has been approved by the tax authorities.
Typically, ITRs are certified within four months of submission. However, in December last year, the IT department gave taxpayers until February 2022 to review their AY21 returns.
With the deadline to review the Income Tax Return (ITR) for the 2020-21 tax year looming, the Income Tax Office has urged taxpayers to review their tax returns. If this is not confirmed, the ITR file will be considered “incomplete”, the IT department warned.
“Don’t miss your last chance to confirm the 2020-21 ITR. If not verified, the ITR submission is incomplete. The last review date for 2020-21 is 28 February 2022. Visit incometax.gov.in, “It said on Twitter on Sunday.
Validation of tax returns is required, which can be done electronically or by submitting a physical copy of the online return, as this is a way of substantiating the information stated in it – a requirement for legal purposes.
Statements that are not verified in a timely manner are considered “unsubmitted” and will therefore bear all consequences applicable to non-submitted statements. However, if absolutely necessary, taxpayers can ask the IT department to allow a delay in reviewing the return. Such declarations can be submitted and will only be considered “valid” once the application has been approved by the tax authorities.
Typically, ITRs are certified within four months of submission. However, in December last year, the IT department gave taxpayers until February 2022 to review their AY21 returns.
Complete News Source : HINDUSTAN TIMES
