Reduction of time limit for verification of Income Tax Return (ITR) with effect from August 1, 2022
The CBDT vide Circular 3/2009 dated 21.05.2009 notified the new Income Tax Return (ITR) forms for Assessment Year 2009-10 and provided the facility of furnishing ITR which includes transmitting the data in the return electronically and thereafter submitting the verification of the return in form ITR-V to CPC within 30 days after transmitting the data electronically.
Later, the CBDT via Press Release dated 27.01.2010 extended the time limit for filing of ITR-V to 120 days from the date of uploading return of income.
But from now on, it has been decided that in respect of any electronic transmission of return data on or after the date Notification No. 05 of 2022 dated 29.07.2022 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.
Further clarified that where ITR is electronically transmitted but, E-verified /ITR V submitted within 30 days of transmission of data.
1. If yes, then Date of transmitting the data shall be considered as date of furnishing Return of Income
2. If no, then Date of e-verification submission shall be considered as date of furnishing Return of Income and all consequences of late filling of return under the Act will follow.