ITR Verification For AY 2020-21: As the last date for taxpayers to verify their income tax returns for the assessment year 2020-21 approaches, the Income Tax Department on Sunday urged them to do it as soon as possible. Verification of the tax return either through electronic method or by sending a signed physical copy of the return filed online is necessary as it is a way of declaring the truthfulness of the information reported in the return, a legal requirement.

“Don’t miss out on the last chance to verify your ITR for AY 2020-21. ITR filing is incomplete if not verified. The last date for verification for AY 2020-21 is 28 February 2022,” the Income Tax Department said on Twitter.

The verification of a tax return, which can be done both electronically as well as by sending a physical copy of the return filed online, is necessary because this is a way to substantiate the information mentioned in it–a requirement for legal purposes.

If not verified on time, a return is considered ‘not filed’ and, therefore, attracts all the consequences applicable if one is not filed, to begin with. However, if absolutely necessary, a taxpayer can request the IT department of allowing a delay in verifying the return. Such a return can be filed and will be treated ‘valid’ only after the tax authority approves the request.

Usually, ITRs are authenticated within four months of these being filed. However, in December last year, the IT department allowed taxpayers to verify their returns for AY21 until the end of February 2022.

The additional time to regularise returns was given us an opportunity to resolve taxpayer grievances. When the aid was given, the division had clarified that this leisure didn’t apply in these instances, the place throughout the intervening interval, the division has already taken recourse to another measure for guaranteeing to submit of a tax return by the taxpayer.