ITR Filing Rule AY 2022-23: Now, taxpayers have to electronically verify or e-verify their income tax returns (ITR) within 30 days of filing the return of income. Earlier the time limit was 120 days. In a notification dated July 29, 2022, the Central Board of Direct Taxes (CBDT) has reduced the time limit for verification of income tax to 30 days from the date of transmitting or uploading the data of return of income electronically. This new rule will into effect from August 1, 2022, the CBDT said.
“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," the income tax department said in a statement.
Taxpayers Need to Pay Late Fee if they Miss e-Verification Deadline:
It is mandatory for the taxpayers to e-verify their returns after filing them. The income tax return filing process is incomplete unless individuals e-verify ITR forms.
The income tax department mentioned in the notification, “Where ITR data is electronically transmitted and e-verified/lTR-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."
“Where ITR data is electronically transmitted but e-verified or ITR-V (i) 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," it further added.
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