Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of submitting ITR.
- CBDT issued notification no 05/2022 dated 29th July 2022 to revise time limit for verification of ITR.
- Now ITR filed on or after 01/08/2022 need to verify within 30days of submitting online instead of earlier time of 120 days
- This revised time limit will be applicable for ITRs filed on or after 01/08/2022
- Existing time limit of 120 days will be applicable for ITRs filed up to 31st July 2022
- ITRs not verified within 30days of submission would be treated as late filed and all consequences of late filing of return under the Act shall follow.
- W.e.f. 01/08/2022 ITR-V can be sent by speed post only ! Can’t say ITR sent by post but not received at cpc.
- 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.
- Date of verification of ITR will be the date of filing ITR if verification done post 30days.
