CBDT Sets 30-Days Limit for Income Tax Return (ITR) Verification Post-Upload, Effective from April 01, 2024
The Central Board of Direct Taxes (CBDT) has recently issued Notification No. 2 of 2024 dated March 31, 2024, pertaining to the time limit for the verification of income tax returns after uploading. This notification, which will come into effect from April 01, 2024, aims to streamline the process and ensure timely verification of income tax returns.
In line with the powers conferred under Rule 14 of the Centralised Processing of Returns Scheme, 2011, the CBDT has outlined the following key points:
- Time Limit for Verification: According to Notification No. 2 of 2024, the time limit for the verification of Income Tax Return (ITR) is set at 30 days from the date of transmitting the data of ITR electronically. This regulation underscores the importance of promptly verifying the uploaded income tax return.
- Important Clarifications: The notification provides crucial clarifications regarding the verification process. It stipulates that if the return of income is uploaded and e-verification/ITR-V is submitted within 30 days of uploading, the date of uploading the return of income shall be considered as the date of furnishing the return of income. However, if the e-verification or ITR-V is submitted after 30 days, the date of submission will be deemed as the date of furnishing the return of income, subject to the applicable consequences of late filing.
- Verification Process: The verified ITR-V, in the prescribed format and manner, should be sent to the Centralised Processing Centre, Income Tax Department, Bengaluru – 560500, Karnataka, through ordinary or speed post. The receipt date at the CPC will be considered for the determination of the 30-day period from the date of uploading the return of income. Importantly, failure to verify the return within the specified timeline will render the return as invalid.
- Applicability and Compliance: It is reiterated that the e-verification process immediately upon filing of the return is highly recommended for the convenience of the assessee. The notification specifies that these regulations shall be applicable for returns of income uploaded/submitted on the e-filing portal (www.incometax.gov.in).
This significant notification, with its detailed provisions and clarifications, underscores the importance of timely verification of income tax returns. With its impending enforcement from April 01, 2024, taxpayers and professionals are encouraged to familiarize themselves with the stipulations to ensure compliance and avoid any unintended ramifications.
https://incometaxindia.gov.in/communications/notification/notification-no-2_2024.pdf