The Central Board of Direct Taxes (CBDT) has announced that the time limit for verifying an income tax return (ITR) has been reduced to 30 days (from 120 days) after electronically transmitting the ITR data.
This was announced by the CBDT in a notification issued on July 29, 2022. This notification will be effective from August 1, 2022.
According to the latest notification from the ITD, "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 e-verification or submission of ITR-V shall now be 30 days from the date of electronically transmitting/uploading the data of return of income."
As per the notification, it has further clarified the below points:
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 electronically shall be considered as the date of furnishing the return of income.
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 but e-verified or ITR-V (i) 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.
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What happens if ITR-V is submitted after 30 days?
If form ITR-V is submitted after the mentioned period, it will be assumed that the return for which the form ITR-V was filled was never submitted (the tax department will not take it up for processing), and the assessee will be required to electronically retransmit the data and follow up by submitting the new form ITR-V within 30 days.
Meanwhile, the deadline for filing I-T returns by those taxpayers who do not have to get their accounts audited for the fiscal that ended on March 31, 2022 was Sunday (July 31). Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income Tax department said. ITR filing went on on till midnight, after which the tax-return filers will have to pay a late fee for delayed filing.
READ| ITR FY 2021-22 filing deadline ends: What if you haven’t filed income tax return by July 31?
