Now, taxpayers must electronically verify or electronically verify their income tax returns within 30 days of filing the income tax return. Previously, the term was 120 days. In a notice dated July 29, 2022, the Central Board of Direct Taxes (CBDT) reduced the time limit for income tax verification to 30 days from the date of electronic transmission or upload of the income statement data. This new rule will take effect from August 1, 2022, according to the CBDT.
“It has been decided that with respect to any electronic transmission of return data on or after the date on which this notice becomes effective, the time limit for e-verification or submission of ITR-V will now be 30 days from the date of transmission/upload of the income statement data electronically,” the income tax department said in a statement.
For taxpayers who filed income tax returns before August 1, they will be given an earlier 120-day deadline to electronically verify their ITR forms. “It is clarified that where return information is sent electronically prior to the effective date of this notice, the earlier 120-day period will continue to apply with respect to such returns,” CBDT added.
Taxpayers must pay late fees if they miss the e-verification deadline:
It is mandatory for taxpayers to electronically verify their returns after they are filed. Filing of the income tax return is incomplete unless individuals verify ITR forms electronically.
The Income Tax Department stated in the notice: “If ITR data is electronically transmitted and e-verified/ITR-V is submitted within 30 days of data transmission, in such cases the date of electronic transmission of the data shall be deemed to be the date of of providing the return of income.”
“If ITR data is sent electronically but is electronically verified or ITR-V (i) is submitted after the time limit of 30 days after data transmission, in such cases the date of electronic verification/ITR-V submission will be treated as the date of the filing of the income return and all consequences of late filing of the return under the law will follow,” it further added.
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