The income tax department would diminish the time duration for the e-verification or hard copy submission of the ITR-V, after furnishing the returns by the assessee from the current 120 days to 30 days at the start of August 1. The council would be provided with a notification on July 29 mentioning the amendment in the time duration.
The Verification of the Income Tax Return Duration: Here, You Should Learn the Basics
- E-verification of ITR finishes the return filing process.
- E-verification of ITR when it does not perform within the said time, an ITR would be treated as nullified.
- “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 specified.
- Till this time, the duration to e-verify the income tax return or send the ITR-V via post, after furnishing the ITR was 120 days from the uploading date of the income tax return.
- The notification specified that for the case of the e-verification of the ITR or the hard copy ITR-V would be sent via post above the threshold duration of 30 days, the return would be treated as the late or above the last date.
- Those who want to send ITR-V in a hard copy could send it via the normal address through “speed post only” to Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.
- “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 articulated.
- Due date to file IT returns by those assessees who do not need their accounts audited for the financial that finishes on 31st March 2022 and ends on 31st July.
- On the last filing day on 31st July a record has seen with 72.42 lakh ITR furnished, carrying the cumulative returns to 5.83 cr, the level which was seen in the former year.
- Via income tax return an individual would be considered to submit information to the income tax department about the income and the due taxes and filed the same for the year.
