New Delhi: The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1. The department issued a notification on July 29 announcing the change in the timeline.
2) E-verification of an ITR if it is not done within the stipulated time, an ITR is treated as invalid.
3)"It has been decided that in respect of any electronic transmission of return data on or after the date of 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 electronically," the notification said.
4) Till now, the time period to e-verify the ITR or send the ITR-V through post, after filing of an Income Tax Return (ITR), was 120 days from the date of the uploading of the ITR.
5) The notification clarified that in case the e-verification of the ITR or hard copy ITR-V is sent through post beyond the time-limit of 30 days, the return shall be treated as late or beyond the due date.
6) Those who wish to send the ITR-V in a hard copy can send it through the usual address through "speed post only" to: Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.
7)"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 date of Income-tax return electronically," it said.
8) The deadline for filing I-T returns by those taxpayers who do not have to get their accounts audited for the fiscal that ended on March 31, 2022 ended on July 31.
9) A record 72.42 lakh income tax returns were filed on the last day of such filing on July 31, taking the cumulative returns to 5.83 crore, near to the same levels of last year.
10) Through ITR, a person is supposed to submit to the Income Tax Department information about the income and the taxes due and paid on it during the year.
