HomeLatest NewsTaxpayers to e-verify ITR within 30 days, know details

Taxpayers to e-verify ITR within 30 days, know details

ITR Filing Rules AY 2022-23: Now, taxpayers have to electronically verify or e-verify their Income Tax Return (ITR) within 30 days of filing the return of income. Earlier the deadline was 120 days. In a notification dated July 29, 2022, the Central Board of Direct Taxes (CBDT) has reduced the time limit for income tax verification to 30 days from the date of transmission or uploading of data of return of income electronically. This new rule will come into effect from August 1, 2022, CBDT said.

“It has been decided that in case of any electronic transmission of return data on or after the effective date of this notification, the time-limit for submission of e-verification or ITR-V will now be 30 days from the date of transmission. / Uploading data of return of income electronically,” the Income Tax department said in a statement.

Taxpayers who filed income tax returns before August 1, will get 120 days earlier deadline to e-verify their ITR forms. “It is clarified that where return data is transmitted electronically prior to the effective date of this notification, the earlier period of 120 days shall continue to apply to such returns,” the CBDT added.

Taxpayers will have to pay late fees if they miss the e-verification deadline:

It is mandatory for taxpayers to e-verify their returns after filing them. The income tax return filing process remains incomplete unless individuals e-verify the ITR forms.

In the notification, the Income Tax Department mentioned, “Where ITR data is transmitted electronically and e-verified/LTR-V is submitted within 30 days of data transmission – the date of transmission of data electronically shall be considered. Providing return of income.”

“Where ITR data is transmitted electronically but e-Verified or ITR-V (i) is submitted beyond the 30-day period of data transmission – in such cases the date of submission of e-Verification/ITR-V shall be treated as the date of issue of return of income. And all consequences of delay in return filing will be followed under law,” it added.

For those who want to send paper copy of ITR verification form by speed post, CBDT said, “Duly verified ITR-V in prescribed format and in prescribed manner should be sent by speed post only to No. 7. Central Processing Centre, Income Tax Department, Bangalore – 560500, Karnataka.”

“The date of speed post transmission of duly verified ITR-V shall be considered for the purpose of determining the period of 30 days from the date of electronic transmission of income tax return data,” it added.

The last date for filing income tax returns for financial year 2021-22 or assessment year 2022-23 was 31 July. Over 5.7 crore income tax returns have been filed till July 31, 2022. Taxpayers who fail to file their returns will have to pay penalty from the due date of August 1, 2022.

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