The Central Board of Direct Taxes (CBDT) in a notification said that the deadline for verification of Income Tax Return (ITR) has been reduced to 30 days (from 120 days) for electronically disseminating ITR data. This notification will be effective from today i.e. August 1.
“The data shall be the date of furnishing the return electronically if the form” ITR-V The data is submitted electronically within 30 days from the date it is transmitted. If Form ITR-V is submitted after the aforesaid period, it will be deemed that the return in respect of which Form ITR-V has been filed was never submitted and the same will be sent to the assessee for re-transmittance electronically. will be obliged. data and follow it up by submitting the new Form ITR-V within 30 days,” the CBDT said in its latest notification.
This notification will be applicable for electronically transmitted Income Tax 9 Return data filed on the e-filing portal (www.incometax.gov.in).
time limit for filing income tax return By those taxpayers who are yet to get their accounts audited for the financial year ended March 31, 2022, that was July 31. The Income Tax Department said that till 10 pm on Sunday, more than 67.97 lakh income tax returns were filed.
As per the latest notification, the Income Tax Department has given further clarifications on these points.
- It has been decided that in respect of any electronic transmission of return data on or after the effective date of this notification, the time limit for verification or submission of ITR-V shall now be 30 days from the date of dispatch/upload. Will be Data of return of income electronically.
- It is clarified that where the return data is transmitted electronically before the effective date of this notification, the earlier time limit of 120 days in respect of such returns shall continue to apply.
- Where ITR data is transmitted electronically and e-verified / LTR-V is submitted within 30 days of transmission of data – in such cases return of income is required to be furnished on the date of transmission of data to Vidyut Sahayak. date will be considered. Where ITR data is transmitted electronically but e-verified or ITR-V.
- Where ITR is submitted beyond the time limit of 30 days from the date of transmission of data – in such cases the date of submission of return of income on the date of e-verification/ submission of ITR-V and all consequences of late filing will be considered as The return under the Act will follow.
- For the purpose of determining the period of 30 days from the date of transmission of the data of Income Tax Return electronically, the date of dispatch of speed post of ITR-V, duly attested, will be considered.
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