ITR alert! Income Tax Return for AY 2022-23 would become invalid if you don’t do this soon

1. ITR Verification 2022 23 Last Date ITR Filing Latest News Income Tax Return To Become Invalid Do This Soon
   

ITR alert! Income Tax Return for AY 2022-23 would become invalid if you don’t do this soon

ITR Filing for AY 2022-23 Latest News (4 August): ITR verification news, process, last date to verify Income Tax Return; how to e-verify ITR explained.

1. ITR verification for AY 2022-23 Latest News (4 August): More than 1.8 crore Income Tax Returns were unverified by taxpayers till 31 July 2022. In order to complete the tax filing process, it is important to verify ITR. Once the returns are verified, the Income Tax Department processes the ITRs, sends the income tax intimation notice and issues refunds (if any). 

According to data available on the Income tax website, more than 4.02 crore ITRs were verified out of the total 5.82 crore returns filed till 31 July, which was the last date of ITR filing for taxpayers whose accounts didn’t need to be audited. The Income Tax department had processed 3.01 crore verified ITRs till July 31.

ITR verification timeline

From August 1, the Income Tax Department has reduced the time limit for e-verification or hard copy submission of ITR-V to 30 days through a notification dated 29 July. That means, taxpayers now need to verify their returns within 30 days from the date of filing to complete the process.

“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 the return of income electronically,” the notification said.

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