Is your ITR from last five years still incomplete? Here is your chance to do it

The Central Board of Direct Taxes (CBDT) has come up with a new circular, stating that taxpayers will now be able to complete the ITR process, if they hadn’t done so in the last five years. The development is beneficial for those who filed their income tax return (ITR) online in the last file years but did not complete the filing process by authenticating either electronically or by sending a signed physical copy.

The new circular by Central Board of Direct Taxes (CBDT) on Monday said that taxpayers who have not verified the returns electronically filed in assessment years 2015-16 to 2019-20 can now do the verification either by sending the signed physical copy (form ITR-V) or by any of the five specified electronic methods by the end of September.

The circular further says that ITRs can be verified electronically by either using an OTP sent to the Aadhaar-linked mobile phone number, logging into the e-filing website of the tax department through your bank's net banking facility, or by using the bank account number or the demat number or with the help of cash dispensers installed by banks (ATMs).

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The decision has been taken by CBDT as “a one-time measure" for resolving the grievances of taxpayers associated with non-filing of ITR-V for earlier assessment years. It will also help the tax department to regularize such returns that have either become non-existent or have remained pending due to non-filing or non-receipt of respective ITR-V forms.

However, this relief will not be applicable to those where officials have already taken action for ensuring compliance.

As per the rules by the income tax department, taxpayers get four months to verify an electronically filed ITR from the date of submission.