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Why you must verify your income tax returns

When you verify the tax returns, you provide a confirmation of the information you have submitted

January 10, 2022 / 07:59 PM IST
Representative image

Representative image

If you have filed your income tax returns for the assessment year 2021-22 before December 31 but are yet to complete the verification process, you need to do so as soon as possible.

No verification, no processing of returns

Though you can verify your returns within 120 days from having file your income tax returns online, some tend to forget the final, yet key, step in the return-filing process. The income tax department, in its December 28, 2021 circular, pointed out that a number of e-returns for assessment year 2020-21 were pending for processing as they were not ‘verified’.

So, it provided a window of up to February 28, 2022 to such tax-payers, except those against whom the I-T department has already initiated some action, to complete the process. Without the extension, such tax-payers might have had to make representations to justify  the delay. “Essentially, when you verify the returns, you provide a confirmation of the information you have submitted. It is not a matter of choice, but a necessary step,” explains Sudhir Kaushik, Co-founder and CEO, TaxSpanner.com.