Report Wire - Verification of ITR timeline lowered to 30 days from 120: I-T dept order

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Verification of ITR timeline lowered to 30 days from 120: I-T dept order

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Verification of ITR timeline reduced to 30 days from 120: I-T dept order

The Income Tax division has lowered the time restrict for e-verification or onerous 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 asserting the change within the timeline.

E-verification of an ITR completes the return submitting course of and if it’s not carried out inside the stipulated time, an ITR is handled as invalid.

“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 stated.

It stated the order comes into impact from August 1.

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

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

Those who want to ship the ITR-V in a tough copy can ship it by way of the standard deal with by way of “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 stated.