Taxpayers who have not e-verified there it's for 2019-20 fiscal can complete the verification process by February 28, as the Income Tax department has given a one-time relaxation to assesses,
As per law, an income tax return (ITS), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through deceit account, pre-validated bank account and ATM within 120 days of filing the return.
Alternatively, taxpayers can send a physical copy of it, the IT filed to the Centralized Processing Center (CPC) office in Bengaluru. If the verification process, which is done through it's-V form, is not complete, then it is considered that the return has not been filed.
The Central Board of Direct Taxes (CBDT) in a circular dated December 28, said many, numerous electronically filed it'SS for the Assessment Year 2020-21, still remain pending with the Income Tax department for want of receipt of a valid it's-V Form, at CPC, Bengaluru or pending e-Verification from the taxpayers concerned.
"In respect of all LTR for Assessment Year 2020-21 (fiscal 2019-20) which were uploaded electronically by the taxpayers within the time allowed and which have remained incomplete due to non-submission of it's-V Form, the Board hereby permits verification of such returns either by sending a duly signed physical copy of it's-V to CPC, Bengaluru through speed post or through EV C/OTP modes.
"Such verification process must be completed by February 28, the CBDT said. This relaxation shall not apply in those cases, where during the intervening period, I-T department has already taken recourse to any other measure for ensuring filing of tax return by the taxpayer concerned after declaring that the return has not been filed, it added.
AMR G & Associates Senior Partner Rajatmohan said, non-compliant taxpayers would get ample time to come clean and complete the verification process, enabling the tax department to process the returns.
"However, such non-compliant taxpayers would not be compensated for interest for the intervening period under section 244A, as the reasons for delay are attributable to the taxpayer himself."
The search has resulted in seizure of unaccounted cash and jewelry of more than ₹ 2 crore and has, so far, led to detection of total unaccounted income exceeding ₹ 125 crore," the Central Board of Direct Taxes (CBDT) said in a statement
Tax Department found unaccounted income of ₹ 125 crore during raids in Bengal (Representational)
New Delhi:
The Income Tax Department has detected unaccounted income of over ₹ 125 crore after it raided premises of two Asansol-based groups engaged in manufacturing steel and iron products among others, the CBDT said on Tuesday.
The searches were launched on December 16 and about 30 premises of the unidentified groups - also involved in cement, poly fab, and biotech business - were covered.
The search has resulted in seizure of unaccounted cash and jewelry of more than ₹ 2 crore and has, so far, led to detection of total unaccounted income exceeding ₹ 125 crore," the Central Board of Direct Taxes (CBDT) said in a statement
It said incriminating evidence in the form of documents and digital data stored in SD cards, WhatsApp chats, etc. have been seized
The SD cards have been used to keep details of a parallel set of unaccounted sales, Excel sheets of actual production data, parallel tally accounts files, cash payment details made to various parties, etc." the policymaking body for the tax department said
It said "unaccounted cash" was handled by key employees of the directors and owners of the entities
The key persons of one of the groups have admitted that unaccounted income of more than ₹ 66 crore has been generated through unaccounted cash sales from its manufacturing units during the financial year 20-21," the CBDT added
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