Big relief for AY 15-16 to AY 19-20

CBDT has announced One-Time relaxation for verification of Income Tax Returns for last five assessment year from AY 15-16 to AY 19-20. Relief is being given to them who have FILED their return, but haven’t verified it.

Now Verification can be done through:-

• Aadhar otp,
• By logging into e-filling account through NetBanking
• EVC through bank account number
• EVC through Demat Account Number
• EVC through bank ATM
• Sending physical singed copy to CPC Bangalore.

So if for the AY 15-16, AY 16-17, AY 17-18, AY18-19, AY 19-20 if  you have filed your return within the time frame under section 139 of the act, but have not verified it within 120 days then the same can be done before 30.09.2020.

(Also Read New Income Tax Forms for AY 20-21)

Further, CBDT has also relaxed the time for issuance of intimation u/s 143(1) of the Act and has directed that such return can be processed by 31.12.2020.

In refund cases for determination of interest provision of section 244A(2) of the act shall apply .

In case assessee doesn’t regularize his return by furnishing valid verification before 30.09.2020 ,then the consequences for non filling of return shall apply.

So if you have filed your return but haven’t verified it then a last chance is given to verify your return and make your return a valid return.

Read circular below:

circular_13_2020