ITR-V submission: Time limit for verifying ITR reduced to 30 days

The Central Board of Direct Taxes (CBDT) has reduced the time limit for verification of income tax return (ITR) to 30 days from 120 days earlier. The reduced time limit of 30 days applies to ITRs filed on and after August 1, 2022. The CBDT announced this via a notification issued on July 29, 2022. This notification will come into effect from August 1, 2022. For ITRs filed up till and including July 31, 2022 the earlier time limit of 120 days from date of filing of ITR continues as per the CBDT notification

According to the latest notification from the income tax department, “ 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 e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return of income electronically.”

“ The date of transmitting 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 assessed to electronically retransmit the data and follow it up by submitting the new form ITR-V within 30 days,” it added

As per the notification, it has further clarified the below points:

• 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.

• It is clarified that where the return data is electronically transmitted before the date on which this Notification comes into effect, the earlier time limit of 120 days continue to apply in respect of such returns.

• Where ITR data is electronically transmitted but e-verified or ITR-V (i) submitted beyond the time-limit of 30 days of transmission of data - 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 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 7. Centralized 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, from the date of transmitting the data of Income-tax return electronically.

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

If form ITR-V is submitted after the mentioned period, it will be assumed that the return for which the form ITR-V was filled was never submitted (the tax department will not take it up for processing), and the assessed will be required to electronically retransmit the data and follow up by submitting the new form ITR-V within 30 days.