IT e-verification process time reduced | Fusion - WeRIndia

IT e-verification process time reduced

IT e-verification process time reduced

Several taxpayers hoped for an extension of the deadline for filing income tax returns. But, the income tax department has not extended the date. So, it was ended by July 31, 2022.

However, taxpayers can file their belated returns with a fine till December 31, 2022. The fine amount varies with taxable income for filing belated returns. It is up to ₹5,000.

Meanwhile, the Central Board of Direct Taxes (CBDT) issued a notification, saying the time limit for verification of ITR has been reduced to 30 days. So far, the time limit is 120 days for verification. But from today, it has been reduced to 30 days, and taxpayers have to verify their returns in 30 days.

If they fail to verify their returns within the stipulated time, then the ITR process is treated as incomplete.

That is verification is mandatory for all taxpayers after filing and submitting their income tax returns. The income tax department considers only verified returns, and the date of verification should be within the prescribed time frame. Or else the ITR is treated as invalid.

The CBDT said that the ITR-V or Income Tax Return–Verification should be submitted within 30 days from the date of return of income electronically. It applies to all those who file their returns from today onwards.

If the ITR is submitted after 30 days of transmission data, then the date of e-verification shall be treated as late filing. Taxpayers have to bear the consequences of late filing of ITR as per the Income Tax Act.

However, taxpayers who transmitted their return data electronically before the notification can verify their returns within 120 days.

Taxpayers who don’t want to send their ITV-V physically to the IT department can verify their income tax returns through Electronic Verification Code (EVC). EVC can be generated in any of the following methods: Through Aadhaar OTP, net banking, ATM, bank account, or Demat Account.

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