Introduction: Notification No. 2 of 2024, issued by the Central Board of Direct Taxes (CBDT), addresses the time limit for verification of Income Tax Returns (ITRs) after uploading. This notification provides clarity on the consequences of late verification and outlines the prescribed procedure for ITR-V submission.
Detailed Analysis:
1. Rule 14 of Centralised Processing of Returns Scheme: The notification is issued in accordance with Rule 14 of the Centralised Processing of Returns Scheme, 2011. It aims to regulate the verification process for ITRs uploaded electronically.
2. Clarifications on Verification Time Limit:
- If the return of income is uploaded and e-verification or ITR-V is submitted within 30 days, the date of uploading is considered the date of furnishing the return.
- However, if verification is submitted after 30 days, the date of verification submission is considered as the date of furnishing, leading to consequences of late filing.
3. Prescribed ITR-V Submission Process:
- The verified ITR-V must be sent to the Centralised Processing Centre, Bengaluru, through ordinary or speed post.
- The date of receipt of ITR-V at CPC is crucial for determining the 30-day period from the date of uploading.
4. Consequences of Late Verification:
- Failure to verify the return within the specified time renders it invalid.
- Assessees are advised to e-verify their returns promptly upon filing to avoid complications.
5. Applicability and Effective Date:
- The notification is applicable to returns uploaded/submitted on the e-filing portal.
- It will be effective from April 1, 2024, ensuring compliance with the specified verification process.
Conclusion: Notification No. 2 of 2024 provides essential guidelines for the verification of Income Tax Returns, emphasizing timely compliance and adherence to prescribed procedures. Assessees are urged to ensure prompt e-verification or ITR-V submission within the stipulated 30-day period to avoid the consequences of late filing. By understanding and complying with the provisions outlined in the notification, taxpayers can contribute to a smoother and more efficient income tax filing process.
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Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Directorate of Systems, Bengaluru
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Notification No. 2 of 2024, dated 31.03.2024
Subject: Time limit for verification of return of income after uploading- reg͘
In pursuance of the powers conferred under Rule 14 of the Centralised Processing of Returns Scheme, 2011, Notification No. 05 of 2022 dated 29.07.2022 was issued by the DGIT(Systems) specifying the me limit for verification of Income Tax Return (ITR) as 30 days from the date of transmitting the data of ITR electronically.
2. It is clarified that:
(i) Where the return of income is uploaded and e-verification/ITR-V is submitted within 30 days of uploading – In such cases the date of uploading the return of income shall be considered as the date of furnishing the return of income.
(ii) Where the return of income is uploaded but e-verification or ITR-V is submitted after 30 days of uploading – 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, as applicable.
3. The duly verified ITR-V in prescribed format and in the prescribed manner shall be sent either through ordinary or speed post or in any other mode to the following address only:
Centralised Processing Centre,
Income Tax Department,
Bengaluru – 560500, Karnataka.
4. The date on which the duly verified ITR-V is received at CPC shall be considered for the purpose of determination of the 30 days period from the date of uploading of return of income.
5. It is further clarified that where the return of income is not verified after uploading within the specified me limit as per paragraph 2 of this notification, such return shall be treated as invalid.
6. It is reiterated for the sake of assessee convenience that e-verification, immediately upon filing of the return is the most desirable action.
7. This Notification shall be applicable for returns of income uploaded/submitted on the e-filing portal (incometax.gov.in). This issues by the power conferred to the undersigned under the Rule 14 of Centralized Processing of Returns Scheme, 2011 (CPR Scheme 2011) dated 04.01.2012, notified by the CBDT Notification No. 02/2012- F.No. 142/27/2011-SO(TPL).
8. This notification will come into effect from 01.04.2024.
9. Hindi version to follow.
(Dr. Zakir Thomas)
Director General of Income-tax (Systems)
Bengaluru
Copy to:
i. PS to FM/OSD to FM/PS to MoS(F)/OSD to Mos(F)
ii. PS to Secretary (Revenue)
iii. Chairman, CBDT & All Members, CBDT
iv. All Pr.CCsIT/ Pr. DGsIT
v. All Joint Secretaries/CsIT, CBDT
vi. C&AG
vii. CIT(Database cell) for uploading on the departmental website
viii. Guard File
(R. Ilavarasi)
Commissioner of Income-tax(OSD)(HQ & Co-ordination)
O/o Director General of Income-tax (Systems)
Bengaluru
