CBDT has issued notification no. 2 of 2024 Dt. 31.03.2024 discussing about the Time limit for verification of return of income after uploading. This notification shall be applicable from 01.04.2024.
“In pursuance of the powers conferred under Rule 14 of the Centralised Processing of Returns Scheme, 2011, Notification No. 05 of 2022 dated 29.07.2022 was issued by the DGIT(Systems) specifying the time limit for verification of Income Tax Return (ITR) as 30 days from the date of transmitting the data of ITR electronically.
2. It is clarified that:
(i) Where the return of income is uploaded and e-verification/lTR-V is submitted within 30 days of uploading – In such cases the date of uploading the return of income shall be considered as the date of furnishing the return of income.
(ii) Where the return of income is uploaded but e-verification or ITR-V is submitted after 30 days of uploading – 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, as applicable.
3. The duly verified ITR-V in prescribed format and in the prescribed manner shall be sent either through ordinary or speed post or in any other mode to the following address only:
Centralised Processing Centre,
Income Tax Department,
Bengaluru – 560500, Karnataka.
4. The date on which the duly verified ITR-V is received at CPC shall be considered for the purpose of determination of the 30 days period from the date of uploading of return of income.
5. It is further clarified that where the return of income is not verified after uploading within the specified time limit as per paragraph 2 of this notification, such return shall be treated as invalid.
6. It is reiterated for the sake of assessee convenience that e-verification, immediately upon filing of the return is the most desirable action.
7. This Notification shall be applicable for returns of income uploaded/submitted 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 04.01.2012, notified by the CBDT Notification No. 02/2012- F.No. 142/27/2011-SO(TPL).
8. This notification will come into effect from 01.04.2024.“
To read the notification CLICK ME.
Later, Income tax department issued a corrigendum to above notification Dt. 04.04.2024 which is as under:
“Paragraph at s. no. 5 shall read as under:
It is further clarified that where the return of income is not verified within 30 days from the date of uploading or till the due date for furnishing the return of income as per the Income-tax Act, 1961 – whichever is later – such return shall be treated as invalid due to non-verification.”
To read the above notification CLICK ME.
Thus, based on above notification it can be said that if return is verified within 30 days of filing date of filing return shall be only considered, however if return is verified after 30 days then date of verification will be considered as date of filing and late fees or interest if any shall be charged.
Further, if anyone signs and send the Income tax return acknowledgement to CPC, Bangalore physically in that case date of verification would be date on which the acknowledgement is received by CPC, which could be an issue as there could be delay because of issue at speed post or courier company and many times CPC don’t accept such letter in time. Hence, it is advisable to verify returns online.
Also, it has been mentioned in the notification it has been mentioned that if return is not verified in due time it will be considered as invalid. However, will it be again considered as valid once the return is verified, although the date of return filing will be date of verification? This is because earlier if a return was considered as invalid, assessee had to again file fresh return. Hence, it needs to be clarified that assessee will not be required to again file return and same return could be verified and there won’t be any requirement to file condonation.
Earlier assessee was allowed 120 days to verify their Income tax return. However, from AY 2023-24 same has been reduced to 30 days.
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