CBDT Reduces Time Limit For Verification Of ITR

The Board has notified the new Income Tax Return (ITR) forms for Assessment Year 2009-10 and provided the facility of furnishing ITR in various manner. Firstly, by furnishing the return in paper form. Secondly, by furnishing the return electronically under digital signature. Lastly, by transmitting the data in the return electronically. Thereafter submitting the verification of the return in form ITR-V to CPC within 30 days after transmitting the data electronically Furnishing a bar coded return in paper form.

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 30 days, it will be deemed that the return in respect of which the form ITR-V has been filled was never submitted. 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.

The CBDT has issued the notification dated 04.01.2012 and 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," the circular read.

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

The Board clarified that 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.

"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," the CBDT said.

The 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.

Notification No. 05 of 2022

Dated: 29.07.2022

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