CBDT Circular 3 of 2020 dated 13th July, 2020
One time relaxation for Verification of Income Tax Return
1) CBDT through circular no. 3/2020 dated 13th July 2020 has given one time opportunity to taxpayers whose Income Tax Return’s was filed online but verification was pending.
2) Now any taxpayer whose ITR is pending for verification can verify their ITR on or before 30th September 2020.
3) ITR for FY 2014-15 to FY 2018-19 can be verified through this one time relaxation scheme
4) All such verified ITRs shall be processed on or before 31 December 2020.
5) ITRs can be verified through EVC or by sending duly signed hard copy to CPC Bangalore.
Note: if any proceeding has been started against taxpayers considering that return for such year has not been filed by taxpayer then benefit of relaxation can not be availed
Benefits:-
- In case of non acknowledgement of return, AO can initiate proceeding u/s 144 as such returns filed are considered as invalid return.
- Loss carry forward may get allowed.