- The Central Board of Direct Taxes (CBDT) has announced via a notification issued on July 29, 2022 that the time limit for verification of income tax return (ITR) has been reduced to 30 days (from 120 days) of transmitting the ITR data electronically. This notification will come into effect from August 1, 2022.
- It has been decided that in respect of any electronic transmission of return data/uploading the data of return of income electronically ON or AFTER the date this Notification comes into effect i.e. August 1, 2022, the time-limit for verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return of income electronically.
- It is clarified that in respect of any electronic transmission of return data/uploading the data of return of income electronically BEFORE the date would on which this Notification comes into effect i.e. August 1, 2022, the earlier time limit of 120 days continue to apply in respect of such returns.
What happens if ITR-V is submitted after 30 days in respect of any return of income filed after August 1, 2022?
- Where ITR is submitted beyond the time-limit of 30 days of transmission of data – in such cases the date of e-verification/ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of LATE FILING of return under the Act shall follow.
- The date of dispatch of Speed Post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the data of Income-tax return electronically.
