1) Existing Law
a) The time limit for verification of e-return is submission of ITR-V within 120 days from the date of e-filing the return.
b) The e-return can be taken up for processing only when verified, by submitting ITR-V.
c) Non- Verified returns are treated as invalid and considered as equivalent to non- filers, as if return were not filed in its original place.
2) Relaxation given by this circular.
a) Tax Returns filed within the time allowed under section 139 and belongs to the Assessment years 2015-16, 2016-17, 2018-19, 2019-20 can now be verified till 30th September 2020.
b) Method of verifying these returns are as follows:-
i) Aadhaar OTP.
ii) Logging into e-filing account trough net banking.
iii) EVC through bank account number.
iv) EVC through Demat account number.
v) EVC through bank ATM.
vi) By Sending the duly signed physical copy of ITR-V to CPC, Bengaluru.
c) However, if the department has taken recourse to any other measure as specified in the act, this relaxation will not apply.
d) The returns which were not processed earlier due to non-verification of the returns within the stipulated time will now get processed till 31st December 2020 as per the second proviso to 143(1).
e) If the returns are still not verified till 30th September 2020, then the appropriate action as stipulated in the law will be taken.
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