The Income Tax Department has issued a notification on July 29th stating that the time limit for e-verification or hard copy submission of ITR-V has been reduced to 30 days from August 1st. This means that taxpayers need to verify their returns within 30 days from the date of filing to complete the process. The earlier time limit of 120 days will continue to apply in case of returns submitted electronically before the date on which the notification came into effect, i.e. August 1st, 2022.
The new time-limit for e-verification or submission of ITR-V is 30 days from the date of filing the return of income. However, where the return is filed on or before 31.07.2022 the earlier time limit of 120 days would continue to apply.
The earlier time limit of 120 days would continue to apply in respect of returns where the return data is electronically transmitted before August 1st, 2022.
If ITR data is electronically transmitted and ITR-V is submitted within 30 days of transmission of data, then the date of transmitting the data electronically will be considered as the date of furnishing the return of income.
If e-verification or ITR-V is submitted beyond the time limit of 30 days, then the date of e-verification/lTR-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.
Duly verified ITR-V in the prescribed format and in the prescribed manner should be sent by speed post only to: 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.
Taxpayers who filed their return by July 31st, 2022, have 120 days after the filing of their return to verify it. Those who file the return after the deadline will get only 30 days to verify it.
