ITR Filing: Time Limit For ITR E-Verification Reduced. Here’s What Taxpayers Should Know

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 data of ITR electronically

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New Delhi: In the latest update on filing ITR, taxpayers will now have to ensure that electronic verification of their income tax returns is done within 30 days of filing the income tax returns. Going by the latest notification issued on July 29, the Central Board of Direct Taxes (CBDT) said the time limit for verification of income tax return (ITR) has been reduced to 30 days (from 120 days ) of transmitting the ITR data electronically. The move will come into effect from Monday (August 1).

What did CBDT say?

This notification shall be applicable for electronically transmitted Income-tax return data filed on the e-filing portal (www.incometax.gov.in). "It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, the time limit for verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of the return of income electronically,” said CBDT in the notification Click Here.pdf (incometax.gov.in).

What happens if ITR-V is submitted after 30 days?

• The CBDT also noted in case the ITR-V is filed after the 30-day due date it is considered non-submission. “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 electronically retransmit the data and follow it up by submitting the new form ITR-V within 30 days," according to CBDT.
• It also noted that where the return data is electronically transmitted before the date would on which this notification comes into effect, the earlier time limit of 120 days continues to apply in respect of such returns.
• Where ITR data is electronically transmitted and e-verified/lTR-V submitted within 30 days of transmission of data - in such cases the date of transmitting the data electronically shall be considered as the date of furnishing the return of income. Where ITR data is electronically transmitted but e-verified or ITR-V.
• In cases where ITR is submitted beyond the time limit of 30 days of transmission of data - 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.
• 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 data of Income-tax return electronically.