Taxpayers Need to e-Verify ITR Within 30 Days, Know Details

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

“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 return of income electronically,” the income tax department said in a statement.

For those taxpayers who have filed income tax returns before August 1, will get earlier time limit of 120 days to e-verify their ITR forms. “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 continue to apply in respect of such returns,” CBDT added.

Taxpayers Need to Pay Late Fee if they Miss e-Verification Deadline:

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

The income tax department mentioned in the notification, “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.”

“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,” it further added.

For those who want to send paper copy of ITR verification form via speed post, CBDT said, “Duly verified ITR-V in the prescribed format and in the prescribed manner should be sent by speed post only to 7. Centralised Processing Centre, Income Tax Department, Bengaluru – 560500, Karnataka.”

“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,” it further added.

The due date for filing income tax return for financial year 2021-22 or the assessment year 2022-23 was July 31. More than 5.7 crore income tax returns were filed till July 31, 2022. Those taxpayers who failed to file their returns by the due date would have to pay a penalty from August 1, 2022.

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