gtag('config', 'UA-154374887-1');

Reduction of Time Limit for Verification of ITR from 120 days to 30 days

reduction-of-time-limit-for-verification-of-itr-from-120-days-to-30-days

DGIT (S) issued Notification No. 5/2022 dated 29.07.2022 for reduction of the time limit for verification of ITR from 120 days to 30 days of transmitting the data of ITR electronically.


● For ITR filed up to 31.07.2022, the earlier time limit of 120 days would continue to apply

 

● For ITR filed from 01.08.2022, the reduced time limit of 30 days would be applicable

 

● Where ITR is verified within 30 days, the date of filing of ITR shall be the date when the ITR was uploaded

 

● Where ITR is filed but verified after the prescribed time limit of 30 days will not be considered as an ‘invalid return’, but the date of e-verification/ITR-V submission shall be treated as the date of furnishing the return of income

 

● If ITR is verified after the prescribed time limit of 30 days and after the due date, it will be considered as a belated return and late fees as applicable shall also be payable

 

● Manual ITR V shall be required to be sent by Speed Post only. In this case, the date of despatch by speed post shall be considered for computing 30 days limit.


CBDT has amended the time limit to verify the online filed ITR and reduced the period of 120 days to 30 days for e-verification or verification by submission of ITR-V to CPC, Bangalore.



This shall come into effect from 01.08.2022. In other words, for all the returns filed online up to 31.07.2022, the earlier time limit of 120 days for verification of ITR shall continue. In the case of ITR filed on and after 01.08.2022, the verification has to be completed within 30 days of the filing of ITR online.


Further, in case of verification through ITR-V submission, the duly verified ITR-V shall be required to be sent to CPC Bangalore only by Speed Post. Earlier, posting of duly verified ITR-V by Ordinary Post was also allowed. 


One may e-verify the electronic transmitted return data using Aadhaar OTP or Login to e-Filing account through Net-Banking login or EVC obtained generated using Pre-Validated Bank Account/Demat Account or EVC generated through Bank ATM.


CBDT has also amended the rule for determining the date of filing of return where the return is verified after uploading the return online.


As per new norms, where the ITR is uploaded online on and after 01.08.2022, and the return is e-verified or ITR-V is submitted within 30 days of the filing of return of income, the date of uploading of ITR shall be considered as the date of filing of return.


Where the ITR is uploaded online on and after 01.08.2022, and the return is e-verified or ITR-V is submitted after 30 days of the filing of return of income, 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. Earlier, even after the ITR is verified after the expiry of 120 days, the original date of uploading of ITR was considered as the date of filing of return.


Where ITR is verified by sending duly verified ITR-V to CPC Bangalore by Speed Post, the date of despatch of duly verified ITR-V by speed post shall be considered for computing the time limit of 30 days of verification. In other words, if the ITR-V is despatched by speed post within the time limit of 30 days, then even if the return is verified after 30 days, it will be treated as verified within the time limit of 30 days.


However, as per the new rule, ITR-V is required to be sent by Speed Post only. Sending duly verified ITR-V by Ordinary Post is not allowed.


The new rule states that if ITR is verified after the prescribed time limit of 30 days, then the return shall be treated as a return furnished on the date of verification and all the consequences of late filing of return under the Income Tax Act, 1961 shall follow. It means the return will be marked as a belated return (if the verification date falls after the due date of filing of return as prescribed under section 139(1)). Accordingly, late fees under section 234F will be levied. Further, carry forward of loss of the current year shall not be allowed.


It is not clear what will happen if the return is verified after 31st December of the relevant assessment year and whether the return will be allowed to be verified with condonation or not. This is because, as per amendment in Finance Act, 2021 has reduced the time limit to file the belated or revised u/s 139(4) or u/s 139(5) return to 31st December of the relevant Assessment Year against 31st March of the relevant assessment year prior to the amendment.


Henceforth, it is advisable to verify the return of income immediately preferably in electronic mode or despatch the ITR-V at the earliest to avoid late filing consequences.


Read the full text of DIT(S) Notification No. 5/2022 dated 29.07.2022 on Reduction of time limit for verification of ITR form to 30 days


Notification No. 05 of 2022


Government of India 

Ministry of Finance 

Department of Revenue 

Central Board of Direct Taxes 

Directorate of Systems 

*** 


New Delhi, dated : 29.07.2022 


Subject:- Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically- reg. 


The Central Board of Direct Taxes (CBDT) vide Circular No. 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 in the following manner: 


i. Furnishing the return in paper form 

ii. Furnishing the return electronically under digital signature 

iii. Transmitting the data in the return electronically and thereafter submitting the verification of the return in form ITR-V to CPOC within 30 days after transmiting the data electronically 

iv. Furnishing a bar coded return in paper form. 


2. Further as per clarifications provided in para 9 of the said circular, 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 assessee to electronicaly re-transmit the data and follow it up by submitting the new form ITR-V within 30 days. Later, the CBDT extended the time-limit for fling ITR-V to 120 days from the date of uploading the return of income. (Press Release dated 27.01.2010) 


3. The CBDT vide Notification no. 02/2012/F.No.142/27/2011-SO (TPL) dated 04.01.2012, notified the Centralised Processing of Returns Scheme, 2011 (CPR Scheme 2011). Rule 14 of CPR Scheme 2011 delegates the power to specify the mode, manner and time for verification of ITR-V. 


4. 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. 


5. 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 


6. It is further clarified: 


(i) Where ITR data is electronically transmitted and e-verified/ITR-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. 


(ii) Where ITR data is electronically transmitted but e-verified or ITR-V 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. 


7. Duly verified ITR-V in the prescribed format and in the prescribed manner should be sent by speed post only to 


Centralised Processing Centre, 

Income Tax Department, 

Bengaluru - 560500, Karnataka. 


8. 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. 


9. This Notification shall be applicable for electronically transmitted Income-tax return data filed on the e-filing portal (www.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). 


10 This notification will come into effect from 01.08.2022. 


11. Hindi version to follow. 



 (Govind Lal) 

Director General of Income-tax(Systems) 


Download DIT(S) Notification No. 5/2022 dated 29.07.2022 on Reduction of time limit for verification of ITR form to 30 days in PDF format

Get all latest content delivered straight to your inbox
Socialize with Us

Post a Comment

0 Comments