ITR verification time limit reduction from within 120 days to 30 days
ITR verification time limit reduced to 30 days. In the latest development CBDT has reduced the time limit for verification of ITR to 30 days.
Thus, new time limit for verification of Income Tax Return (ITR) has been reduced from within 120 days to 30 days of transmitting the data of ITR electronically.
The CBDT announced this vide Notification No. 05 of 2022, dated 27th July 2022. This notification will come into effect from 1st August, 2022.
The reduced time limit of 30 days applies only to ITR’s filed on and after 1st August, 2022. Therefore, for ITR filed till 31st July 2022, the earlier time limit of 120 days shall continue to apply, as per the CBDT notification.
Reduction in time limit for ITR Verification – Important Clarifications
It is further clarified that :
(i) Where ITR data is filed electronically and e-verified or lTR-V submitted within 30 days of filing – in such cases the date of
transmitting the data electronically shall be considered as the date of furnishing the return of income.
(ii) Where ITR data is electronically transmitted but e-verified or ITR-V submitted after 30 days – in such cases the date of e-verification/ITR-V submission shall be treated as the date of furnishing the return of income and all the provisions of late filing of return under the Act shall be applicable.
Note:
This Notification shall be applicable only for electronically submitted Income Tax returns (ITR’s) filed on the e-filing portal – www.incometax.gov.in