The Directorate of Systems (CBDT), Bengaluru has issued an important notification to clarify the time limit of 30 days for verifying income tax returns (ITRs) after uploading them on the Income Tax Department’s e-filing portal, effective 01/04/2024, vide Notification 2/2024.
This notification is issued by the CBDT under Rule 14 of the Centralized Processing of Returns Scheme, 2011. It supersedes the earlier Notification 5/2022, which specified a 30-day time limit for verification of Income Tax Return (ITR) from the date of transmitting the data of ITR electronically.
30-Day Time Limit for Verification
Taxpayers must verify their uploaded ITR, through e-verification or submitting the ITR-V, within 30 days from the date of transmitting/uploading the ITR data electronically. This 30-day period is crucial.
If Verified Within 30 Days
If the ITR is uploaded and e-verification/ITR-V is submitted within 30 days, the date of uploading the ITR will be considered the date of furnishing the return.
If Not Verified Within 30 Days
However, if the ITR is uploaded but e-verification/ITR-V is submitted after 30 days, the date of e-verification/ITR-V submission will be treated as the date of furnishing the return. This means the return will be considered as filed late, and the assessee may face consequences like interest on delayed tax payment under the Income Tax Act.
Sending ITR-V to CPC
The duly verified ITR-V in the prescribed format must be sent to the Centralised Processing Centre (CPC), Income Tax Department, Bengaluru – 560500, Karnataka, either through ordinary/speed post or any other mode. The date of receipt of the ITR-V at CPC will determine if it falls within the 30-day period from ITR upload.
Return Treated as Invalid
If the uploaded ITR is not verified within the specified 30-day time limit, such a return will be treated as invalid by the Income Tax Department.
E-Verification Recommended
The notification reiterates that e-verification immediately upon ITR filing is the most desirable action for the convenience of assessees.
Effective Date
This notification will be applicable for ITRs uploaded/submitted on the e-filing portal (www.incometax.gov.in) from April 1, 2024 onwards.
Accordingly, taxpayers must ensure they verify their uploaded ITRs within 30 days through e-verification or by sending the ITR-V to CPC, Bengaluru to avoid complications like late filing penalties. Timely e-verification is highly recommended for a hassle-free tax filing experience.
CBDT Income Tax (Systems) Notification 2/2024 dated 31/03/2024: Clarification on 30-Days Time Limit for Verification After ITR Uploading