Report Wire - E-verify ITR inside 30 days or else… Income Tax Department new rule in 10 factors

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E-verify ITR inside 30 days or else… Income Tax Department new rule in 10 factors

2 min read
Till now the time period to e-verify the ITR or send the ITR-V through post was 120 days from the date of the uploading of the ITR.

New Delhi: The Income Tax division has decreased the time restrict for e-verification or arduous copy submission of the ITR-V, submit submitting of returns by taxpayers, from the present 120 days to 30 days, starting August 1. The division issued a notification on July 29 saying the change within the timeline.

Verification of ITR timeline: Here is all you have to know

1) E-verification of an ITR completes the return submitting course of.

2) E-verification of an ITR if it’s not completed inside the stipulated time, an ITR is handled as invalid.

3)”It has been decided that in respect of any electronic transmission of return data on or after the date of 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 electronically,” the notification mentioned.

4) Till now, the time interval to e-verify the ITR or ship the ITR-V by means of submit, after submitting of an Income Tax Return (ITR), was 120 days from the date of the importing of the ITR.

5) The notification clarified that in case the e-verification of the ITR or arduous copy ITR-V is shipped by means of submit past the time-limit of 30 days, the return shall be handled as late or past the due date.

6) Those who want to ship the ITR-V in a tough copy can ship it by means of the standard handle by means of “speed post only” to: Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.

7)”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 date of Income-tax return electronically,” it mentioned. 

8) The deadline for submitting I-T returns by these taxpayers who wouldn’t have to get their accounts audited for the fiscal that ended on March 31, 2022 ended on July 31.

9) A file 72.42 lakh revenue tax returns had been filed on the final day of such submitting on July 31, taking the cumulative returns to five.83 crore, close to to the identical ranges of final yr.

10) Through ITR, an individual is meant to undergo the Income Tax Department details about the revenue and the taxes due and paid on it throughout the yr.

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