What is the new timeline of 30 days for verification of ITR and to whom new timeline of 30 days is applicable?
As per FAQs on the tax department’s website, From August 1, 2022, the Income Tax Department has reduced the time limit for e-verification or hard copy submission of ITR-V to 30 days through a notification dated 29 July. That means, taxpayers now need to verify their returns within 30 days from the date of filing to complete the process. The notification, clarified that the earlier time limit of 120 days would continue to apply in case of returns submitted electronically before the date on which the notification came into effect, i.e. 01, August 2022. So, if you have filed the ITR on or before 31st July 2022 the earlier time limit of 120 days will be applicable.Here are other important FAQs on ITR verification.
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What is the new time limit for e-verification or submission of ITR-V?
The new time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of filing the return of income. However, where the return is filed on or before 31.07.2022 the earlier time limit of 120 days would continue to apply.
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What will be the date of furnishing the return of income if ITR-V is submitted within 30 days of transmission of data?
If ITR data is electronically transmitted and ITR-V is submitted within 30 days of transmission of data then in such cases the date of transmitting the data electronically will be considered as the date of furnishing the return of income.
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What will happen if e-verification or ITR-V is submitted beyond the time limit of 30 days?
Where ITR data is electronically transmitted but e-verified or ITR-V submitted beyond the time-limit of 30 days of transmission of data, in such cases the date of e-verification/lTR-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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In case of ITR-V sent through speed post what date will be considered as a date for verification?
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.
