The Central Board of Direct Taxes (CBDT) in a notification said 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 today, August 1.
“The data electronically will be the date of furnishing the return if the form ITR-V is submitted within 30 days after the date of transmitting the data electronically. In case, form ITR-V is submitted after the above-mentioned period, it will be deemed that the return in respect of which the form ITR-V has been filled was never submitted and it shall be incumbent on the assessee to electronicaly retransmit the data and follow it up by submitting the new form ITR-V within 30 days,” CBDT said in its latest notification.
“This notification shall be applicable for electronically transmitted Income-tax 9 return data filed on the e-filing portal (www.incometax.gov.in),” it added.
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The deadline for filing income tax returns by those taxpayers who do not have to get their accounts audited for the fiscal that ended on March 31, 2022 was July 31. Over 67.97 lakh income tax returns were filed till 10 pm on Sunday, the Income Tax department said.
As per the latest notification, the income tax department has further clarified on these points.
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- It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, 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 where the return data is electronically transmitted before the date would on which this Notification comes into effect, the earlier time limit of 120 days continue to apply in respect of such returns.
- Where ITR data is electronically transmitted and e-verified/lTR-V submitted within 30 days of transmission of data – in such cases the date of transmitting the data electr ally shall be considered as the date of furnishing the return of income. Where ITR data is electronically transmitted but e-verified or ITR-V.
- 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.
