Tag: ITR VERIFY

CBDT Releases New E-Verification Guidelines For Income Tax Returns

CBDT Releases New E-Verification Guidelines For Income Tax Returns; Here’s Step-By-Step Guide To E-Verify Your ITR

Income Tax department has recently updated the rules regarding the electronic verification of Income Tax Returns (ITR). Now, as of August 1, 2022, taxpayers are required to E-verify their ITR within 30 days of filing. This supersedes the former rule which granted a 120-day window for this process.

It’s crucial to note that any ITRs filed post-August 1, 2022, will fall under this regulation, while ITRs submitted before that date are still under the purview of the old rule. As a taxpayer, it’s necessary to comply with the prompt 30-day e-verification to avoid potential complications.

ITR 2024: What Is E-verification?

When you’re tackling your income tax returns, E-verification means using online tools to double-check that everything you’ve put down is correct and genuinely yours. Think of it as a digital thumbs-up, confirming that yes, those details right there, they’re truly yours.

How To E-verify ITRs?

  1. OTP on Mobile (Aadhaar-linked)
  2. EVC (Electronic Verification Code)
    • Pre-validated Bank/Demat Account: Generate EVC through these accounts.
    • ATM: Generate EVC using your bank’s ATM.
    • Enter the EVC on the e-filing portal.
  3. Net Banking
    • Log in to your bank’s net banking.
    • Select the e-verify ITR option, which redirects to the e-filing portal.
  4. Digital Signature Certificate (DSC)
    • Use your DSC to sign and verify your ITR on the e-filing portal.

After successful verification, you’ll receive a confirmation message and email.

Income Tax Dept opens E-portal For Filing ITRs

Central Board of Direct Taxes (CBDT) on Thursday said that has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April 2024 onwards.

The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April 2024 onwards for taxpayers to file their returns. Similarly, companies have also been able to file their ITRs through ITR-6 from April 1 onwards.

As a precursor to this, the ITR forms had been notified early, beginning with ITRs 1 and 4 which were notified on December 22nd, 2023, ITR-6 was notified on 24th January 2024 and ITR-2 was notified on January 31st, 2024, CBDT said.

To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema of Tax Audit Reports have also been made available for A.Y. 2024-25. The same can be accessed under the downloads section of the e-filing portal, according to the CBDT statement.

Income Tax Department’s Big Announcement on Verification of Income Tax Returns (ITR)

ITR Verification Time Reduced to 30 Days! Reduction of time limit for verification of Income Tax Return (ITR)
from within 120 days to 30 days of transmitting the data of ITR
electronically- reg

The Central Board of Direct Taxes (CBDT) vide Circular No. 3/2009 dated May 21, 2009 notified the new Income Tax Return (ITR) forms for Assessment Year 2009-10 and provided the facility of furnishing ITR in the following manner:

i. Furnishing the return in paper form

ii. Furnishing the return electronically under digital signature

iii. Transmitting the data in the return electronically and thereafter submitting the verification of the return in form ITR-V to CPC within 30 days after transmitting the data electronically

iv. Furnishing a bar coded return in paper form.

Further as per clarifications provided in para 9 of the said circular, the date of transmitting the data electronically will be the date of furnishing the return if the form ITR-V is submitted within 30 days after the date of transmitting the data electronically. In case, form ITR-V is submitted after the above-mentioned period, it will be deemed that the return in respect of which the form ITR-V has been filled was never submitted and it shall be incumbent on the assessee to electronically re transmit the data and follow it up by submitting the new form ITR-V within 30 days. Later, the CBDT extended the time-limit for filing ITR-V to 120 days from the date of uploading the return of income. (Press Release dated January 27, 2010).

The CBDT vide Notification no. 02/2012/F.No.142/27/2011-SO (TPL) dated January 04, 2012, notified the Centralised Processing of Returns Scheme, 2011 (CPR Scheme 2011). Rule 14 of CPR Scheme 2011 delegates the power to specify the mode, manner and time for verification of ITR-V.

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.

It is clarified that where the return data is electronically transmitted before the date on which this Notification comes into effect, the earlier time limit of 120 days would continue to apply in respect of such returns.

It is further clarified:

(i) Where ITR data is electronically transmitted and e-verified/ITR-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.

(ii) Where ITR data is electronically transmitted but e-verified or ITR-V 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.

Duly verified ITR-V in the prescribed format and in the prescribed manner should be sent by speed post only to

Centralised Processing Centre,

Income Tax Department,

Bengaluru-560500, Karnataka.

The date of dispatch of Speed Post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the data of Income-tax return electronically.

This Notification shall be applicable for electronically transmitted Income-tax return data filed on the e-filing portal (www.incometax.gov.in). This issues by the power conferred to the undersigned under the Rule 14 of Centralized Processing of Returns Scheme 2011 (CPR Scheme 2011) dated January 04, 2012, notified by the CBDT Notification No. 02/2012- F.No. 142/27/2011-SO(TPL).

This notification will come into effect from August 01, 2022.

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