With a new implied rule, now the taxpayers will have to e-verify their income tax return or ITR within 30 days of filing it. In the latest notification released on July 29, 2022, the Central Board of Direct Taxes (CBDT) announced the reduction of the time limit to 30 days, which earlier allows the taxpayers to e-verify their ITRs within 120 days, from the day of uploading their returns electronically. The new implied rule is in effect from August 1, 2022, as per CBDT.
e-Verify Your ITR Within 30 Days Filing It, Says CBDT
“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 transmitting/uploading the data of the return of income electronically,” said a statement from the income tax department.
However, the taxpayers, who have filed their ITRs before August 1, will have 120 days to e-verify their returns. “It is clarified that where the return data is electronically transmitted before the date on which this Notification comes into effect, the earlier time limit of 120 days continues to apply in respect of such returns,” CBDT further added.
Penalty If Failed To e-Verify Before 30 Days From August 1, 2022
Notification from Income Tax Department said, “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.”
Further added, “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.”
The notification also says, “Duly verified ITR-V in the prescribed format and the prescribed manner should be sent by speed post only to 7. Centralised Processing Centre, Income Tax Department, Bengaluru – 560500, Karnataka, “ for those who want to send a hardcopy of their ITR verification.
“The date of dispatch of Speed Post of duly verified ITR-V shall be considered for determination of the 30 days, from the date of transmitting the data of Income-tax return electronically, “ further added.