From Our Bureau
NEW DELHI: In a notification effective from August 1, the Central Board of Direct Taxes (CBDT) said the time limit for verification of the income tax returns (ITRs) has been reduced from 120 to 30 days of transmission of the ITR data electronically.
“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.
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.
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, officials clarified.
They said 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.
