Time Limit of ITR is reduced

Time Limit of ITR is reduced

 Time Limit of ITR  verification is reduced to 30 days (from 120 days ) 

ITR-V stands for ‘Income Tax Return – Verification’ form. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature/ Aadhaar OTP/ EVC mode.

On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process

What are the steps  followed when I e-file without using a Digital Signature/ Aadhaar OTP/ EVC mode?

When you e-file without using a Digital Signature/ Aadhaar OTP/ EVC mode, you receive ITR-V as an attachment in the e-mail sent by the Income Tax Department. Since the return you filed was not signed, your filing is still incomplete. To complete the return filing process, follow the below mentioned steps –

  • Print and sign ITR-V in BLUE ink.
  • Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
  • Mail the envelope within 120 days of e-filing to –

Income Tax Department CPC Post Box No.1, Electronic City Post Office, Bangalore 560100, Karnataka.

  • Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.
  • Your filing is now complete.

ITR-V SUBMISSION TIME LIMIT FOR VERIFYING ITR IS REDUCED TO 30 DAYS:

The Central Board of Direct Taxes (CBDT) has informed that the time limit for verification of income tax return (ITR) has been reduced to 30 days (from 120 days ) of transmitting the ITR data electronically.

The CBDT announced this via a notification issued on July 29, 2022. This notification will come into effect from August 1, 2022.

According to the latest notification from the income tax department, “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 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 assessee to electronically retransmit the data and follow it up by submitting the new form ITR-V within 30 days.

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 assessee will be required to electronically retransmit the data and follow up by submitting the new form ITR-V within 30 days.

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