IT Department Urged Taxpayers To Do This On Or Before 28th February 2022

On Sunday, the Income Tax Department advised taxpayers to double-check their income tax returns (ITRs) for the assessment year 2020-21 by February 28, 2022. The department has stated in a Tweet that "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 28th February 2022."

The Income Tax Department has also recently revealed that more than 5.41 crore Income Tax Returns (ITRs) filed for the AY 2021-22 had been audited, out of a total of 6.26 crore ITRs filed. As of February 15, 2022, more than 4.50 crore ITRs have been processed, with 1.58 crore refunds granted for the fiscal year 2021-22.

A taxpayer can use the e-verify service or the offline option to verify his or her ITR. The offline option might be inconvenient since a taxpayer must send ITR-V using speed post or regular post to 'CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka, India' to validate the tax return. The online approach, on the other hand, is quick and convenient since the taxpayer can e-Verify his or her Income Tax Return in one of the various ways such as Digital Signature Certificate, Aadhaar OTP, Electronic Verification Code (using bank account / demat account), Electronic Verification Code (using Bank ATM - offline method) and Net Banking.

The final stage in the income tax return filing procedure is to verify your income tax return (ITR) and if you do not validate your ITR within 120 days of submitting it, the income tax department will declare it as invalid. If you do not validate your return in a timely manner, it will be deemed as unfiled, and you will be subject to all of the consequences of not submitting an ITR under the Income Tax Act of 1961.

As a result, taxpayers should not wait until the last date to double-check their ITRs. Taxpayers must also validate their ITR for AY 2020-21 as soon as possible to prevent a rush.