ITR Verification Alert: The Central Board of Direct Taxes has issued a notification in this regard on July 29. It said that now the taxpayer will be required to verify the return of income within 30 days from the date of uploading or transmitting the data electronically.
The Income Tax Department has reduced the period for verification of ITR. A notification has been issued by CBDT in this regard. It said that the time limit for verifying ITR has been reduced from 120 days to 30 days. The new system came into effect from August 1.
The Central Board of Direct Taxes has issued a notification in this regard on July 29. It said that now the taxpayer will be required to verify the return of income within 30 days from the date of electronically uploading or transmitting the data. It is important to note that taxpayers who have filed income tax returns by July 31 will get 120 days to verify their returns.
Some taxpayers are confused after the CBDT notification. Chartered Accountant Abhishek Aneja said, “Taxpayers need not be confused about this notification of CBDT. This change will be applicable to those who file their income tax return on or after August 1. Those who have filed returns by the tax return filing deadline (July 31, 2022) will get 120 days to verify the return.”
Aneja said that now taxpayers who verify the return in physical mode will be allowed to send the verification to the Income Tax Department’s address only by speed post. Earlier it could also be sent by Ordinary Post. But, CBDB has now made speed post mandatory for this.
It is mandatory for taxpayers to verify the income tax return after filing it. Income tax filing process is not considered complete if ITR form is not verified. The CBDT has said, “Those who wish to send the paper copy of ITR, they will have to send the verified ITR-V in the prescribed format through speed post only. The speed post will be reckoned for the period of 30 days as the date of dispatch.”
According to the Income Tax Department, more than 5.7 crore income tax returns have been filed till July 31, 2022. Taxpayers who could not file their return by July 31, can file income tax return with penalty from August 1 to December 31, 2022.