Quick Summary
Notification No. 05 of 2022 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Directorate of Systems New Delhi, dated : 29.07.2022 Subject: Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of tran
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The new time limit for verifying Income Tax Returns (ITRs) is 30 days from the date of electronically transmitting the return data.
This new time limit comes into effect from 1st August 2022.
If you submit your ITR-V after the 30-day period, the date of e-verification or ITR-V submission will be treated as the date of furnishing the return, and you may face consequences for late filing.
No, the earlier time limit of 120 days will continue to apply to returns where the data was electronically transmitted before 1st August 2022.
The duly verified ITR-V should be sent by speed post to the Centralised Processing Centre, Income Tax Department, Bengaluru – 560500, Karnataka.
The date of dispatch of the Speed Post of the duly verified ITR-V will be considered for determining the 30-day period from the date of transmitting the income tax return data electronically.
CAclubindia
